Kitsaki Management Limited Partnership (KMLP), the Lac La Ronge Indian Band’s (LLRIB) economic arm, announced recently its purchase of AGI Envirotank.
AAGI Envirotank is a designer and builder of environmentally friendly steel storage tanks with 27 years’ experience in its field, according to the company’s website.
“AGI has a solid reputation and when they approached us regarding an opportunity to work together, we were immediately interested. The first thing we look for in any potential investment is alignment of values with the current ownership team and this box has checked early in our process. Manufacturing is an industry we have been look at for some time as it complements the services we currently provide to clients in the same industries across the country. We believe this acquisition is a perfect strategic fit for us and look forward to working with the AGI team,” Ron Hyggen, CEO for KMLP in a news release.
A privately owned company, AGI produces steel storage tanks and distribution equipment for oil, gas and mining markets in Canada. AGI will retain 49 per cent of the company, overseeing its operations under the acquisition agreement. While Kitsaki will provide “specialized expertise, strategic guidance and governance support,” quoted from the news release.
According to their website, AGI has been building tanks for more than 27 years and their founders are still active in the company. They have full-time engineers on site. They also have a safety program which includes the involvement of construction safety officers on site and they provide small-town service where “we know you by name, yet we are the largest private tank fabricator in Canada.”
“The acquisition of AGI Envirotank demonstrates our commitment to expanding Kitsaki’s portfolio and creating new opportunities for growth. It is a significant step forward as we firmly believe this move will create economic opportunities and benefits for the many communities we serve,” Chief Tammy Cook-Searson, who is KLMP President, is reported as saying in the news release.
