After three decades at the forefront of digital ship design, Genoa Design International is entering a new phase of growth. The Mount Pearl–based firm, widely recognized as one of the shipbuilding industry’s leading detail design and 3D modelling specialists, is set to be acquired by Membertou First Nation and Horizon Naval Engineering.
The transaction, announced January 15, 2026, is expected to close by January 31, pending the completion of purchase agreements and customary closing conditions. Once finalized, the acquisition will formally align Indigenous economic leadership with advanced marine engineering expertise at a moment when Canada’s shipbuilding and sustainment sector is experiencing renewed momentum.
Strengthening Canada’s Marine and Ocean Industries
For 30 years, Genoa Design International has built a reputation for delivering high-value ship design and sustainment services to organizations responsible for some of the most complex vessels in service today. Its work supports fleets that protect Canadian sovereignty, enable economic growth—particularly in Arctic regions—and enhance maritime safety for Canada and its international allies.
Under the new ownership structure, Genoa’s capabilities will be integrated into a broader marine portfolio that emphasizes innovation, talent development, and long-term industrial capacity.
“We’re proud to be expanding our partnership with Membertou through the acquisition of Genoa Design, which strengthens our marine capabilities and positions us for continued growth,” said Sean Leet, President of Horizon Naval Engineering. “The addition of advanced marine design and 3D modelling expertise enhances our ability to deliver complex projects while investing in local talent, innovation, and the future of Canada’s marine and ocean industries.”
Indigenous Leadership Meets Technical Excellence
For Membertou First Nation, the acquisition reflects a deliberate strategy to invest in the marine sector and participate directly in shaping Canada’s ocean economy.
Chief Terry Paul emphasized the broader significance of the deal, describing it as a partnership that combines Indigenous leadership with technical excellence to build lasting economic strength.
“By acquiring Genoa Design we are not only growing a strategic business, but also creating opportunities for innovation and Indigenous participation in a critical sector of the ocean economy.”
The acquisition was commercially financed with the support of the First Nations Finance Authority, which worked with Membertou to structure the transaction. FNFA provides First Nations with access to long-term financing and investment options at preferential interest rates, enabling major strategic investments such as this one.
A Timely Evolution for a 30-Year-Old Leader
For Genoa Design International, the agreement represents both continuity and transformation. CEO Gina Pecore described the moment as a natural next step in the company’s evolution.
“After working hard to nurture and grow Genoa over the past 30 years, this is perfect timing for the company to take the next step in its evolution. The Membertou Nation and Horizon Naval Engineering see our potential, and I take comfort in their commitment to seeing Genoa grow. We have a truly world-class team here that is bringing so much value to this new arrangement. The shipbuilding industry in Canada is at an inflection point, and this partnership will ensure that we are in an even better position to take advantage of the considerable opportunities with North American navy and coast guard programs that are required to modernize our fleets.”
Pecore also highlighted the regional impact of the transaction, noting its importance for Newfoundland and Labrador’s role in global maritime activity.
“In a broader sense, this will greatly boost the marine sector in Newfoundland and Labrador and further cement our province’s place as the gateways to the North and Europe. I am proud to work with the impressive and progressive Membertou First Nation and look forward to this new partnership with them and Horizon Naval.”
Building on a Proven Foundation
Horizon Naval Engineering points to Genoa’s track record as a key driver behind the acquisition. Leet underscored the value of the team and the foundation built over decades of project delivery.
“The hard work and dedication of the founders and their team is evident in the projects they’ve completed, the calibre of work they produce, and their ongoing impact within the sector. Our ownership group looks forward to working with the capable Genoa team in growing the business and leveraging their success to support the broader vision of our marine interests, to provide advanced solutions to our customers.”
As Canada accelerates fleet renewal and Arctic-ready maritime capability, the Genoa–Membertou–Horizon partnership positions itself at the intersection of advanced engineering, Indigenous economic participation, and long-term national marine strategy.
