Indigenous-led consortium buys 140-year-old dockyard in St. John's

A historic St. John's dockyard has been purchased by anIndigenous-led consortium that says it's combining member assetsto complete the deal.

The consortium, made up of Horizon Naval Engineering,Qalipu First Nation and Nova Scotia-basedMembertou First Nation,announced Thursdayit was buying the 140-year-old St. John's-based business Newdock.

"This acquisition will be one of the most significant First Nations business investments in Newfoundland and Labrador's history," said a news release from the partnership's public relations agency.

The sale is expected toclosein early October.

WATCH | Membertou First Nation, Qalipu First Nation and Horizon Naval Engineering to own Newdock:

Indigenous groups and engineering firm buy Newdock in move hailed as historic investment

16 hours ago

Duration 2:19

Membertou First Nation, Qalipu First Nation and Horizon Naval Engineering are the new owners of Newdock, also known as St. Johns Dockyard Ltd, pending final closing. Newdock is a 140-year-old company. The transaction is a source of pride, says Qalipu First Nation Chief Jenny Brake. The CBCs Jeremy Eaton has more from Thursdays announcement.

"The purchase of Newdock is an historic occasion and the significance of it now being Indigenous-owned instills a pride that we will share with our next seven generations and beyond," Qalipu First Nation Chief Jenny Brake said in the release.

MembertouFirst NationChief Terry Paul said purchasing Newdock will lead to more economic opportunities in the future.

"Investing in the hard work of an industry-leading and proven business like Newdock means we will work together to create new opportunities for those within the business and our communities who will be the beneficiaries of our investment," hesaid.

The release said the Indigenous partnership came about through conversations between former Miawpukek First Nation chief Mi'sel Joe and Newdock's current owner Paul Antle.

Membertou and Qalipu received financing fromthe First Nations Finance Authority, according to the consortium.

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