Membertou First Nation and Horizon Naval Engineering acquire Genoa Design International

About the client

Membertou First Nation (“Membertou”) is a Mi’kmaq community on Cape Breton Island and owns multiple corporate businesses, including Newdock and North America's largest integrated seafood company, Clearwater Seafood—two entities that our team previously helped Membertou acquire. Thanks to our long-term, trusting relationship, they turned to our M&A team again for guidance after being approached by Genoa Design International (“Genoa”), one of the shipbuilding industry’s leading detail design and 3D modelling firms. Genoa also has extensive experience providing sustainment services for a large number of companies with expertise in designing, building, and supporting key vessels necessary for protecting Canadian sovereignty and supporting economic growth, particularly in the Arctic. 

Membertou was looking to expand their investment in the marine sector and partnered with Horizon Naval Engineering (“Horizon”), a St. John’s-based company with an industry-leading role developing relationships with First Nations, to acquire Genoa with recommendations from our M&A team. 

We helped Membertou throughout the transaction process, including coordinating with their legal counsel and Horizon as well as providing guidance on factors to consider as Membertou was preparing an expression of interest bid. Our M&A team also assisted with due diligence, financing, and legal agreements, and provided recommendations to Membertou when negotiating the terms of the transaction. Our Tax team prepared options for the development of a tax structure meant to address requirements of all stakeholders. We facilitated discussions between Membertou and the First Nations Financial Authority (FNFA) and assisted Membertou in assembling the information required by FNFA to complete their due diligence and offer financing. 

Now under Indigenous ownership, Genoa is better positioned to work with the government as it looks to strengthen Canada’s eastern coastline and sovereignty. For Membertou, the investment expands their partnership with Horizon, supports their growth strategy targeting the marine and defence sectors, and complements their existing businesses. It also represents a partnership that brings Indigenous leadership together with technical excellence to build long-term economic strength.