Pasqua First Nation acquires controlling stake in Terminal & Cable GP Inc. in deal with Volex

The Pasqua First Nation Group of Companies has formally acquired a controlling equity stake in Terminal and Cable GP Inc., transitioning the wire harness manufacturing business into Indigenous majority ownership. The transaction, finalized on June 6, 2025, involves a restructuring of the former Volex subsidiary, Terminal and Cable TC Inc., and marks a significant moment for Indigenous economic participation in Canada’s defence and aerospace sectors.

The Montreal-based facility, previously operating under the complete ownership of United Kingdom-based Volex Plc, will now be operated through a newly established corporate entity named Terminal and Cable GP Inc. Under the terms of the agreement, Pasqua First Nation Group of Companies, or PFNGC, has taken a majority stake while Volex retains 49 percent ownership and a continued operational role. The partnership was formally announced at the 40,000-square-foot Carignan, Quebec site.

Why did Volex transfer majority ownership to Pasqua First Nation?

Volex’s decision to transition majority control to Pasqua First Nation Group of Companies is part of a broader repositioning within its North American business operations. Known for its global manufacturing footprint in power products and cable assemblies, Volex continues to maintain minority equity in Terminal and Cable GP Inc., suggesting a cooperative transition rather than a full divestiture.

Lord Rothschild, Executive Chairman of Volex Plc, stated that the transaction creates an opportunity to build upon PFNGC’s established credibility in North American defence and aerospace markets. He noted that Volex’s ongoing role would reinforce operational continuity while helping expand customer access in the region through shared networks.

Volex, which serves automotive, healthcare, and industrial technology customers, appears to be leaning into collaborative ownership frameworks to enhance regional reach and supply chain flexibility. Analysts familiar with Indigenous procurement programs in Canada suggest that this equity arrangement could give Volex-backed ventures greater visibility within Canadian government contracting pipelines.

How Pasqua First Nation is expanding its defence manufacturing portfolio

Pasqua First Nation’s corporate arm, PFNGC, has long emphasized business development and equity participation as pathways to Indigenous prosperity and sovereignty. The group already owns Pro Metal Industries, a Regina-based metal fabrication specialist supplying both commercial and defence customers across North America.

This latest acquisition complements PFNGC’s strategic intent to build vertically integrated manufacturing capabilities that support aerospace, defence, and heavy industry segments. According to PFNGC Chief Executive Officer Richard Missens, Terminal and Cable GP Inc. will benefit from Pro Metal Industries’ established partnerships and customer base, which includes Tier 1 defence contractors.

Missens said the acquisition is expected to “increase the value and competitiveness of Terminal & Cable in a very real, material, and measurable way within the industry.” He further emphasized the transformational potential of combining Pro Metal’s fabrication assets with Terminal & Cable’s expertise in electrical and wire harness systems.

What does Indigenous majority ownership mean for defence contracts?

The designation of Terminal and Cable GP Inc. as a majority-owned Indigenous business opens access to federal and provincial procurement frameworks designed to foster Indigenous economic inclusion. In Canada, several programs—including the Procurement Strategy for Indigenous Business (PSIB)—provide qualified Indigenous vendors with direct and indirect advantages in contract bidding processes.

Industry observers believe this development will allow Terminal and Cable GP Inc. to compete for larger and more specialized contracts in areas such as aerospace platform integration, avionics wiring, and custom harness assemblies for ground and air defence systems. Given that wire harness systems are essential in high-reliability applications, the alignment with Indigenous-led operations may help regulators, OEMs, and government buyers meet multiple procurement goals simultaneously.

How Pasqua First Nation leadership views the Terminal & Cable acquisition

Chief Fabian Ironeagle of the Pasqua First Nation described the deal as a long-term investment in sovereignty, identity, and generational wealth. He noted that controlling interest in a high-value manufacturer signals a broader shift in how First Nations are engaging with industrial policy and economic development.

“This transaction extends beyond having controlling interest of Terminal & Cable GP Inc.,” Ironeagle said. “It is a reflection of our strength as a First Nation and brings with it a determination to create opportunities for our people and the generations that follow.”

The focus on legacy and stewardship underscores PFNGC’s broader strategy of leveraging capital and ownership rights to unlock infrastructure, jobs, and education benefits for its community. The model being employed—acquisition through partnership rather than competition—suggests a new playbook for First Nations engaged in economic development across Canada.

How analysts and institutions are reacting to the PFNGC–Volex deal

While no formal financial disclosures were made, equity structuring analysts have suggested that the 51–49 ownership split provides a stable governance mechanism while qualifying the business for preferred vendor status. The aerospace and defence sectors are particularly sensitive to supplier credentials, including minority ownership certifications, which can influence both contract value and access.

Institutional sentiment is likely to be cautiously optimistic. The retention of Volex as a minority partner may allay concerns about production consistency and supply chain disruption. Simultaneously, PFNGC’s operational track record through Pro Metal Industries lends confidence in execution quality and program compliance.

From a capital markets perspective, Volex shareholders may view the move as a long-term bet on geopolitical alignment and procurement tailwinds in Canada and the U.S., where Indigenous participation is being elevated within public and private contracts.

What’s next for Terminal & Cable GP under PFNGC ownership?

Looking ahead, PFNGC’s management has indicated that Terminal and Cable GP Inc. will play a central role in expanding its manufacturing and export capacity. Integration with existing PFNGC assets could create end-to-end systems for defence platforms, allowing for bundled offerings that combine electrical harnessing with structural fabrication.

Analysts expect increased bid activity from Terminal and Cable GP Inc. in Canada’s ongoing defence modernization programs, particularly in land systems and aerospace retrofits. The wire harness specialist may also benefit from U.S. defence industrial base initiatives encouraging nearshoring and minority supplier inclusion.

Furthermore, the emphasis on skill development and community employment embedded in PFNGC’s corporate charter ensures that the acquisition’s impact will be both economic and social. Local workforce training, Indigenous youth apprenticeship programs, and community revenue reinvestment are all likely to feature in post-acquisition plans.

Why the PFNGC–Volex partnership could reshape Canada’s defence supply chain

Pasqua First Nation Group of Companies’ majority acquisition of Terminal and Cable GP Inc. from Volex sets a new precedent in Indigenous industrial engagement. Combining traditional capital structuring with community-first economic development principles, the transaction offers a template for how Indigenous-led entities can move beyond vendor relationships and into asset control and supply chain leadership.

As Canada prepares for future-facing investments in aerospace, defence, and inclusive innovation, partnerships like this one will define not only contract outcomes but also how national industries evolve to reflect equity, resilience, and reconciliation in practice.