Celebrity businessman Kevin O'Leary was involved in a boat collision in Ontario's cottage country that left two people dead and three others injured.

The former star of CBC's "Dragon's Den" released a statement Wednesday saying he was "devastated" by the incident and offering his condolences to the victims' families.

"On late Saturday night I was a passenger in a boat that was involved in a tragic collision with another watercraft that had no navigation lights on and then fled the scene," he said. "I am fully co-operating with law enforcement in their investigation."

Provincial police said an American man and an Ontario woman were killed after the crash on Lake Joseph near Seguin, Ont., around 11:30 p.m. on Saturday. They said 64-year-old Gary Poltash, from Florida, died at the scene. Susanne Brito, 48, of Uxbridge, Ont., died in hospital on Tuesday.

OPP Const. Joe Scali said three other people were injured following the collision and they have since been released from hospital.

Police have not identified those on the other boat and Scali said no charges have been laid in the investigation so far. Scali would not confirm O'Leary's claim that the other boat had no navigation lights on and left the scene.

"The location of the crash — because it's on the water — the investigation will take a little longer so we can't comment any further," said Scali.

O'Leary said he would not be commenting further out of respect for the victims and their families.

"My heartfelt prayers and condolences to the victims, the families and those affected by this loss," he said.

O'Leary stars in the ABC show "Shark Tank." In 2017, he ran for the leadership of the federal Conservatives but later dropped out.

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