June 22nd, 2024

Mi’kmaq First Nation to become majority owner of two shipyards in Nova Scotia

By The Canadian Press on June 7, 2024.

Bluenose II rests in a cradle at a shipyard in Lunenburg, N.S. on Thursday, Sept. 5, 2013. The Glooscap First Nation says it has reached an agreement in principle to acquire a majority stake in the B. Boutilier Group of Companies, which currently own the historic Lunenburg Shipyard and the nearby East River Shipyard. THE CANADIAN PRESS/Andrew Vaughan

HALIFAX – A First Nation in Nova Scotia is purchasing two shipyards in the province, saying the acquisitions will position the band to compete for defence contracts.

The Glooscap First Nation says it has 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.

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, says the new enterprise will support Canada’s defence procurement strategy, which requires that at least five per cent of all procurement is handled by an Indigenous partner.

Both shipyards are on the province’s south shore, and both offer a services to the commercial and recreational boating markets, including storage, repair and fabrication.

Under the agreement, Bradison Boutilier, founder of B. Boutilier Group, will retain a significant ownership stake in the new corporation and remain at the helm.

This report by The Canadian Press was first published June 7, 2024.

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