A First Nation in Nova Scotia is buying two shipyards in the province, a purchase it says will give the group the ability to compete for defence contracts.
this Gloskap Aboriginal said it had reached an agreement in principle to acquire a majority stake in the B. Boutilier Group, which currently owns the historic Lunenburg Shipyard and the nearby East River Shipyard.
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The Mi'kmaq Nation says it plans to create a subsidiary called Glooscap Defence that will work to make the tribe the largest Indigenous defence contractor in Canada.
Glooscap Ventures, the investment arm of the Glooscap First Nation, said the new venture will support Canada’s defence procurement strategy, which calls for at least 5 per cent of procurement to be undertaken by Indigenous partners.
Both shipyards are located on the province’s south coast and both provide services to the commercial and recreational boating markets, including storage, repair and manufacturing.
Under the agreement, Bradison Boutilier, founder of the B. Boutilier Group, will retain a significant stake in the new company and continue to be at the helm.
This report by The Canadian Press was first published on June 7, 2024.
© 2024 The Canadian Press
