Glooscap First Nation Launches Glooscap Defence, Targets Strategic Maritime Assets
Positioned to become the largest Indigenous defence contractor in Canada
Halifax, Nova Scotia — May 30th, 2024 — Glooscap Ventures, the investment arm of Glooscap First Nation, announced today that it has reached an agreement in principal to acquire a majority stake in the B. Boutilier Group of Companies under its newly formed subsidiary, Glooscap Defence. Notably, this acquisition includes East River Shipyard and Lunenburg Shipyard, which in addition to continuing historic operations, will embark on a pivotal transition into the defence sector. This new investment positions Glooscap Defence, with its newly acquired maritime assets, to become the largest and only majority-owned Indigenous defence contractor in Canada.
The acquisition of these critical infrastructure assets will strengthen Glooscap First Nation’s economic base under existing shipyard operations and enhance Canada’s national defence capabilities moving forward, as the newly formed entity will be an active participant in Canada’s burgeoning defence sector. With ownership of these historic marine facilities and accompanying operations, Glooscap Defence is well positioned to lead the construction of marine assets, playing a pivotal role in supporting the Canadian Armed Forces and the broader allied defence industry.
Glooscap Defence is committed to ensuring increased Indigenous participation in national defence and security sectors. This acquisition marks a significant step forward in Indigenous equity participation in critical sectors like national defence and will support Canada's defence procurement strategy, which mandates a 5% Indigenous procurement minimum target.
Additionally, Glooscap Ventures also sees the opportunity to vertically integrate services and operations within its existing non-defence related subsidiaries and is excited about working with the B. Boutilier Group of Companies to continue growing the business and increase involvement in the Indigenous community.
Moving forward, Master Mariner, Bradison Boutilier, founder of B. Boutilier Group, will retain a significant ownership stake in the new corporation and remain at the helm, ensuring continuity and leadership expertise.
Quotes
“This acquisition marks a historic milestone for Indigenous participation in national defence. It underscores the strength and resilience of our Mi’kmaq community and is a step forward in our journey towards economic autonomy and self-determination.” – Chief Sidney Peters of Glooscap First Nation.
“By acquiring these shipyards and moving into the defence sector, we are not only expanding our operational capabilities but also demonstrating the talent and innovation that Indigenous businesses can bring to high-stakes, nation building industries like aerospace and defence.” – Michael Peters, CEO of Glooscap Ventures.
"We are excited to partner with Glooscap First Nations in supporting Canada's defence industry while also upholding our tradition of service quality and community engagement across existing, non-defence operations.” – Bradison Boutilier, founder of B. Boutilier Group
About Glooscap Ventures
Glooscap Ventures is 100% owned by Glooscap First Nation, one of Nova Scotia’s thirteen Mi’kmaq communities. As the investment arm of the nation, we are dedicated to creating economic growth and sustainability for the community through strategic investments and partnerships in various sectors.
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Media contact:
Melanie Paradis
Glooscap Ventures: