On November 9, 2020, Clearwater Seafoods announced it had entered into a definitive agreement with FNC Holdings Limited Partnership, representing a coalition of Mi'kmaq First Nations, and Premium Brands Holdings, pursuant to which FNC Holdings Limited Partnership and Premium Brands would acquire all of the outstanding shares of Clearwater Seafoods for approximately $537 million. FNC Holdings Limited Partnership will become 50% owners of Clearwater and will hold Clearwater's Canadian fishing licences within a fully Mi'kmaq owned partnership. The First Nations Finance Authority will provide funding to the coalition of Mi'kmaq First Nations in connection with the transaction. The strategic investment represents a transformational change in Canadian fisheries, catapulting First Nations into a leading global position in the seafood industry with the largest holdings of shellfish licences and quotas in Canadian fisheries.
The First Nations Finance Authority is a not-for-profit First Nation institution that plays a crucial role in the social and economic development of First Nations across Canada by providing qualifying First Nations with access to the capital markets at competitive rates.
Osler, Hoskin & Harcourt LLP advised First Nations Finance Authority with a team consisting of Trevor Scott (Corporate) and Martha Martindale (Financial Services).