Nova ScotiaOne of Nova Scotia’s richest families is in line to buy the former timberland holdings once controlled by Northern Pulp for $235 million.Nova Scotia government is the backup bidder if billionaire blueberry mogul can’t close the dealMichael Gorman · CBC News · Posted: Dec 11, 2025 6:11 PM EST | Last Updated: 1 hour agoListen to this articleEstimated 4 minutesThe audio version of this article is generated by AI-based technology. Mispronunciations can occur. We are working with our partners to continually review and improve the results.John Bragg, the billionaire founder of Oxford Forzen Foods and Eastlink, was the successful bidder for the Northern Pulp timberlands through his company Tidnish Holdings Ltd. (Radio-Canada)One of Nova Scotia’s richest families is in line to buy the former timberland holdings once controlled by Northern Pulp.The Bragg family announced late Thursday that they have been selected as the successful bidder for 173,000 hectares of land and other assets. The deal, worth $235 million, is subject to certain conditions and regulatory approvals, including approval by the Supreme Court of British Columbia, where Northern Pulp’s creditor protection process has been playing out.That hearing is scheduled for Dec. 16, according to a Thursday news release from the province.”The Bragg family has been in the forestry business for several generations,” John Bragg, the billionaire CEO and founder of the Bragg Group, whose holdings also include Oxford Frozen Foods and Eastlink, said in a news release.“Our management team and family are dedicated to good forestry practices. We look forward to working with the forestry team at Northern Pulp and Northern Timber, and their associates. We are unable to comment on existing forestry operations, as it is very early days.”Provincial government pleased with auction resultAlthough the family did not disclose the value of their bid, which was advanced through Tidnish Holdings Ltd., a statement from the Nova Scotia government confirmed the price and said that it is the backup bidder, with a commitment of $234 million, if the Braggs are unable to close the deal. Those figures are also included in documents filed with the court.Natural Resources Minister Kim Masland said in a statement that the provincial government is pleased that a Nova Scotia company was selected as the successful bidder.“We will continue to have interest in how those lands remain available for forestry, though we have confidence they will provide economic and social benefits for generations.”The land covers parts of Halifax, Pictou, Colchester, Cumberland, Guysborough and Hants counties.Other assets in the deal include a seed nursery and orchard, bridge fabrication assets and contracts and permits. The deal does not include Crown land leases.Province to get $100M toward debtsCourt documents show that a total of eight parties submitted bids on the timberlands, and four were approved to participate in the auction.The only other known bidder was Ontario-based Macer Forest Holdings, the first outfit to declare an interest with a so-called stalking horse bid of $104 million. The auction took place on Nov. 28 and court documents show that the opening bid was $160 million. Bids were required to go up by a minimum of $1 million and there was a total of 40 rounds of bidding.Despite not winning, Macer will be paid up to about $3.1 million for being first into the process.Proceeds from the auction will be allocated to various bills, including the interim financing of Northern Pulp’s operations since 2020 when the mill ceased operations, top up of the employee pension plan, $15 million toward maintaining the mill site at Abercrombie Point and implementing a closure plan, and the repayment of provincial debts.Court documents show the total cost of topping up the pensions is about $37.1 million.The statement from the province said it would net about $100 million as repayment of debts when the sale closes.Other assets remain availableAlthough there were multiple parties deemed credible to bid on the timberlands, court documents show that the monitor overseeing the process did not receive any satisfactory bids on the mill assets at the Abercrombie Point site, including equipment and materials. The property itself was not made available for bids.The documents say the remaining assets “shall remain available for the petitioners to seek to monetize and/or address in future steps as part of the closure plan.”Along with being asked to approve the asset sale to Tidnish Holdings on Dec. 16, the court will also be asked to extend Northern Pulp’s creditor protection to April 30, 2026. In documents filed with the court, the monitor says that will allow time to complete the deal with Tidnish and to continue work on the mill’s closure plan.MORE TOP STORIESABOUT THE AUTHORMichael Gorman covers the Nova Scotia legislature for CBC, with additional focuses on health care and rural communities. Contact him with story ideas at michael.gorman@cbc.ca
Bragg family in line to buy Northern Pulp timberlands for $235M
