Newdock Acquired by Indigenous Partnership: Membertou, Qalipu First Nations, and Horizon Naval Engineering

St. John’s, NL, September 26, 2024 – Newdock (St. John’s Dockyard Ltd.), a cornerstone of St. John’s Harbour for over 140 years, is set to be acquired by an Indigenous-led partnership between Membertou First Nation, Qalipu First Nation, and Horizon Naval Engineering. The transaction, which is expected to close in early October, marks a historic step for Indigenous economic investment in Newfoundland and Labrador.

This acquisition promises to generate long-term prosperity and create meaningful opportunities for Indigenous communities in Newfoundland, Labrador, and Nova Scotia. It stands as one of the most significant First Nations business ventures in the region’s history.

The investment will benefit both Membertou and Qalipu First Nations by providing immediate returns that will fund social and cultural initiatives while fostering sustainable economic development. As part of this vision, the partnership plans to support the growing blue economy by offering training and employment opportunities for Indigenous youth.

“For generations, the Mi’kmaq have contributed to the marine and fishery industries, and today we proudly announce our ownership of Newdock in St. John’s,” said Chief Terry Paul of Membertou First Nation. “This acquisition builds on our tradition of hard work and creates new opportunities for both Newdock employees and our communities.”

Chief Jenny Brake of Qalipu First Nation echoed this sentiment: “The purchase of Newdock is a momentous occasion for Indigenous ownership. It instills pride for future generations, linking our traditional boat-building heritage with modern economic drivers in the marine sector.”

Sean Leet, President of Horizon Naval Engineering, expressed his enthusiasm: “Partnering with Indigenous communities in this acquisition is a significant milestone. Horizon has long championed Indigenous inclusion in the marine sector, and we are proud to support Newdock’s continued success, especially as we expand into offshore and renewable energy sectors.”

The acquisition was made possible with financing from the First Nations Finance Authority (FNFA), which specializes in providing capital planning advice and access to long-term loans at preferable interest rates to First Nation governments.

This is the first business acquisition for Qalipu First Nation through their development arm, Qalipu Holdings. Meanwhile, Membertou First Nation brings extensive experience, having previously made waves with their historic 50% acquisition of Clearwater Seafoods in 2021, one of the largest investments by an Indigenous group in Canada’s fisheries.

The partnership has also signed a management agreement with Miawpukek Horizon Maritime, which will oversee the business integration and strategic planning efforts. Miawpukek First Nation has secured an option to invest in Newdock, ensuring their community has representation in this transformative venture.

The acquisition coincides with Mi’kmaq History Month, reinforcing the deep cultural significance of this partnership. The partners extend their gratitude to Newdock’s previous ownership, management, and staff for their professionalism and hard work, as they look forward to building on Newdock’s longstanding legacy.

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About Newdock
Founded in 1884, Newdock (St. John’s Dockyard Ltd.) has provided world-class ship repair and refit services to a wide range of marine vessels, playing a vital role in the marine industry in eastern Canada.

About Membertou First Nation
Membertou First Nation, located on Cape Breton Island, Nova Scotia, is a thriving Mi’kmaq community focused on economic development. Through the Membertou Development Corporation, the community operates 13 corporate businesses, including major partnerships like Clearwater Seafoods, North America’s largest integrated seafood company.

About Qalipu First Nation
Qalipu First Nation is part of the Mi’kmaq Nation, whose territory spans from Maine to Newfoundland, known as Mi’kma’ki. Focused on advancing its people, Qalipu engages in various sectors, including the environment, health, education, tourism, small business, and economic development.

About Horizon Naval Engineering
Based in St. John’s, Newfoundland and Labrador, Horizon Naval Engineering boasts extensive experience in global maritime operations. The company is committed to safety, innovation, and fostering partnerships with First Nations to create prosperous business opportunities.

For more information, please contact:
Kelsea MacNeil, Membertou Development Corporation – 902-578-4858
Kellie Clark, Qalipu First Nation – 709-634-8035
Laura Barron, Horizon Maritime – 709-689-0076