Kitsaki Management Limited Partnership (KMLP), Lac La Ronge Indian Band’s economic development arm, announced today that it has acquired 51 per cent interest in AGI Envirotank (AGI), a leading manufacturer of steel storage tanks used in a variety of industries.
“We are excited to welcome AGI employees to the Kitsaki family, all of whom were instrumental in growing the company to what it is today,” said Kitsaki CEO, Ron Hyggen. “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 was checked early in our process. Tank Manufacturing is an industry we have been looking 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.
AGI is a privately-owned manufacturing company that produces and distributes environmentally safe steel storage tanks and distribution equipment for the oil, gas and mining markets in Canada, which aligns with Kitsaki’s group of companies. Under the terms of the acquisition, AGI will retain 49 per cent of the company and continue to oversee operations, while Kitsaki will provide specialized expertise, strategic guidance and governance support.
“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,” said Kitsaki President and Chief Tammy Cook-Searson of the Lac La Ronge Indian Band.
“We are thrilled to be joining forces with Kitsaki and becoming part of a larger organization,” said Jeff Burton, general manager of AGI Envirotank. “I have known Ron Hyggen for many years, and we both work with the same industry clients, so our shared commitment to quality and customer service makes this a natural partnership.”