Atlantic Canada's largest privately owned, family-run boatyard, A.F. Theriault and Son is hoping to capitalize on increased government spending to propel its growth.
The province, through Nova Scotia Busniess Inc. (NSBI) has authorized $5 million in default guarantees to Meteghan River, Nova Scotia-based A.F. Theriault and Son to allow the company to bid on government contracts this year that require performance, material and warranty bonding.
“A.F. Theriault and Son Ltd. has a long, proven track record of competing and winning,” said Percy Paris, Minister of Economic and Rural Development. “This type of support will help A.F. Theriault secure more contracts while maintaining good jobs for Nova Scotians, contributing to economic growth.”
Most government contracts require performance, material and warranty bonding, which has become difficult for boatyards to acquire from insurance companies and banks.
“This guarantee, and the support from NSBI, are a vital part of our growth strategy and will allow us to foster and channel our naturally competitive spirit,” said Arthur Theriault, President, A.F. Theriault and Son.
The company received the Outstanding Achievement Award from the National Research Council in 2003 and the Laurier de la PME award in the processing category in 2009.
“A.F. Theriault has been focused for years on the right things, especially innovation and competing in national and international markets,” said Stephen Lund, NSBI President and CEO. “When there was a need for a solution that could open up more national contract opportunities, A.F. Theriault and NSBI worked together and solved it.”
A.F. Theriault employs 125 people, including engineers, welders, electricians and other skilled marine tradespersons. The company often employs students through internships and apprenticeship programs, many of whom are later hired full-time by the company.
Nova Scotia Business Inc. is Nova Scotia's private-sector-led business development agency. NSBI is the investment attraction arm of the province and helps businesses in Nova Scotia meet growth potential through advisory services, trade development, financing and venture capital.