Lunenburg

A small First Nations community in Nova Scotia's Annapolis Valley has signed an agreement in principle to assume majority ownership of two shipyards on the province's south shore.

Michael Peters, CEO of Glooscap Ventures, the investment firm that handles economic development for the Glooscap First Nation, said the deal to purchase the East River Shipyard in Mahone Bay and the Lunenburg Shipyard, is an opportunity for further growth.

Both shipyards handle maintenance and repairs for recreational and commercial vessels, but Peters said Glooscap hopes to expand the facilities to build and repair larger boats and pursue new procurement opportunities, including with the Department of National Defence and the Canadian Coast Guard.

The company will be run under a subsidiary called Glooscap Defence. In a press release, Glooscap Ventures said the purchase will make Glooscap Defence the largest and only majority-owned Indigenous defence contractor in the country.

Terms of the deal were not disclosed.

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Owner of Atlantic Canada's largest capacity marine service and storage facility announces pending acquisition of idle Lunenburg Shipyard.

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