Yes, if Canadian nationals hold at least half of the enterprise, the contractor's funds are substantial, committed and at risk, the business is real and not marginal, and he will develop and direct it. A minority stake without operational control does not qualify.
Ownership share and control are tested together
E-2 has five moving parts, and a purchase with a partner stresses two of them. First, nationality: the investor must be a Canadian citizen, and at least fifty percent of the enterprise must be owned by treaty nationals, so a Boischatel contractor taking forty percent beside a U.S. partner would fail unless another Canadian holds the balance.
Second, development and direction: the investor must control the business, which majority ownership usually shows and which a minority holder must instead prove through the operating agreement, for instance as sole manager. Hypothetical example: a Boischatel excavation contractor and his Québec business partner buy a New Hampshire landscaping company sixty-forty, with the contractor as managing member; that structure can work, and the partner's share also counts as treaty ownership. The investment must be substantial relative to the purchase price, irrevocably committed, and lawfully sourced, and the company must have present or future capacity to generate more than a minimal living for the investor and family or make a significant economic contribution.
Hiring can help prove that capacity but is not an absolute condition. E-2 does not lead to a green card.