A firm called WesternOne Equity Income Fund has bought Langley, BC’s BritcoStructures for $93 million.
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| Olympic Village |
Britco, a British Columbia, Canada, manufacturer, famous for building Olympic housing for Whistler village, is one of the largest builders of modular and manufactured housing in Canada.
Original owners and founders Rick McClymont and David Taft are both in their 60s, and were looking to hand off the company to people who will carry it forward with their original vision intact, said Gardner. Gardner is staying on, and Mike Ridley, a 14-year veteran at the company, will take on the top post.
Carlos Yam, chief financial officer for the income fund, said WesternOne already owns half a dozen companies involved in construction, movie production, shipyard work and aerial rentals. They are adding Britco to their stable because it will be a good fit with those existing firms, Yam said.
The purchase does not mean any immediate changes for Britco employees or existing customers. “No layoffs,” Yam said. “If anything, there will be opportunities to expand.”
The current management team will continue to run the business. There are about 320 employees at Britco, in Langley, Agassiz, and Penticton. One of the biggest changes will be that the company will now be part of a publicly traded company, rather than being privately held. That will change how its financial performance is reported.
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