Mi'kmaq First Nation to become majority owner of 2 shipyards in Nova Scotia
CTV
A First Nation in Nova Scotia is purchasing two shipyards in the province, saying the acquisitions will position the band to compete for federal contracts, including those from the Defence Department.
A First Nation in Nova Scotia is purchasing two shipyards in the province, saying the acquisitions will position the band to compete for federal contracts, including those from the Defence Department.
The Glooscap First Nation recently announced it had reached an agreement in principle to acquire a majority stake in the B. Boutilier Group of Companies, which currently owns the historic Lunenburg Shipyard and the nearby East River Shipyard.
"This acquisition underscores the strength and resilience of our Mi'kmaq community and is a step forward in our journey towards economic autonomy and self-determination," Glooscap First Nation Chief Sidney Peters said in a statement.
The Mi'kmaq band says it plans to establish a subsidiary called Glooscap Defence, which will focus on making the band the largest Indigenous defence contractor in Canada.
Glooscap Ventures, the investment arm of Glooscap First Nation, wants to take advantage of a federal procurement strategy that will eventually require all departments to ensure at least five per cent of all contracts are held by Indigenous businesses.
Michael Peters, CEO of Glooscap Ventures, declined to disclose details of the pending deal, which is expected to close this fall.
"We're looking forward to jumping into the shipbuilding and ship repair business," Peters said in an interview Friday. "We know there are a lot of opportunities in government procurement in defence and marine security, particularly the coast guard."
