AGI Envirotank is a leading manufacturer of steel storage tanks. (Submitted photo/Kitsaki Management Limited Partnership)

By Derek Cornet

business

Kitsaki acquires majority stake in AGI Envirotank

Apr 3, 2023 | 5:00 PM

Kitsaki Management Limited Partnership announced Monday it has acquired a 51 per cent stake in AGI Envirotank (AGI), a leading manufacturer of steel storage tanks.

“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 in a media release.

“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.”

He noted manufacturing is an industry Kitsaki had been looking at for some time as it complements the services currently provided to clients in the same industries across the country. Hyggen believes the acquisition is a perfect strategic fit for Kitsaki.

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.

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“The acquisition of AGI Envirotank demonstrates our commitment to expanding Kitsaki’s portfolio and creating new opportunities for growth,” said Kitsaki President and Chief Tammy Cook-Searson of the Lac La Ronge Indian Band.

“It is a significant step forward as we firmly believe this move will create economic opportunities and benefits for the many communities we serve.”

Kitsaki is the economic arm of the LLRIB.

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derek.cornet@pattisonmedia.com

Twitter: @saskjourno