Membertou First Nation, Qalipu First Nation, and Horizon Naval Engineering partnership have acquired Newdock (St. John's Dockyard Ltd.)

About the client

Membertou First Nation is a Mi’kmaq community on Cape Breton Island with 13 corporate businesses, including North America's largest integrated seafood company, Clearwater Seafood—an acquisition our team supported. Qalipu First Nation is part of the Mi’kmaq Nation whose territory extends from Maine to Quebec through the Maritime provinces and into Newfoundland. Qalipu is focused on the advancement of its people through many initiatives including culture, small business support, environment, health, economic development and more. Horizon Naval Engineering is a St. John’s-based company with a Marine industry-leading role focused on engaging with First Nations. Together, the three formed a partnership to purchase Newdock, one of Canada’s oldest shipyards in Newfoundland and Labrador, serving eastern Canada with ship repair, vessel refit, and fabrication services. 

We worked with all three parties to act as their trusted advisors. Through participating in many discussions and the decision-making process, we understood buying Newdock was an incredible opportunity for these Atlantic First Nations to invest in something that could grow for generations to come. 

Our team played a key role in ensuring there was time and space for Membertou, Qalipu, and Horizon Naval to build their relationship through collaboration. It was important all decision-makers felt confident moving forward with the purchase. Our advisors supported with M&A advice, due diligence to help them understand the risk and how to manage it, tax structuring to increase their cash flows, and financing so they knew how they could pay for the transaction.

The purchase of Newdock by our clients is one of the most significant First Nations business investments in the history of Newfoundland and Labrador. Our team was proud to support these partners in making an investment that will generate sustainable prosperity for generations in their communities.