Pathfinder Reports Full Occupancy and Planned Expansion in Penticton
As well as storage solutions, Pathfinder Ventures operates three Camp Resorts in BC with the Parksville campground acquisition representing their 3rd location.
PENTICTON/NANAIMO – Pathfinder Ventures Inc. has provided an update on the previously announced RV & self storage acquisition of Black Sheep Income Corp.. Pathfinder continues to be bullish about the new business arm, Pathfinder Storage Solutions. The Penticton location is operating at full capacity and Pathfinder plans an expansion to add an additional 2800 sqft of indoor storage.
Pathfinder and BSIC entered into a Letter of Intent on Feb 10, 2022, whereby Pathfinder will acquire a 100 per cent interest in BSIC, which wholly owns and operates one stabilized RV & self-storage business located in Penticton and one operating re-development self-storage site in Nanaimo.
Upon completion of the acquisition, BSIC principals Mr. Mark O’Donoghue and Ms. Cathy Butler will join the Executive Management team and Ms. Butler, the Board of Directors. Pathfinder will also assume contracts to acquire an additional two RV Resorts, one in BC and one in Alberta, as part of the transaction. Pathfinder anticipates the acquisition to close in April 2022.
BSIC acquired the Penticton RV and self-storage location in 2020, and management reported that it has consistently improved revenues and net operating income since the acquisition. BSIC was attracted to the specialized container-based storage model given the reduced infrastructure costs versus traditional storage and the flexibility the containers provide.
The custom-built storage containers may be deconstructed, flat packed, and shipped to different sites allowing BSIC to maximise flexibility for both demand among its sites and to maximize land value. Over the last 6 months, the occupancy has been over 95 per cent and Pathfinder plans to add an additional 2800 sq ft of rentable storage.
“There is a significant demand for RV, boat, and self-storage in growing recreation hubs like Penticton and our plan is to continue to meet and supply the market demand with storage solutions”, says Cathy Butler, co-founder & CFA at Black Sheep Income Corp. Cathy will join the Pathfinder team as Chief Investment Officer and Director upon closing the sale of BSIC to Pathfinder.
Pathfinder Ventures Inc. is developing a network of branded, upscale and family-friendly RV parks and campgrounds under the “Pathfinder Camp Resorts” name. They currently have three camp resorts located in BC and are focused on growing their network through both acquisitions and development.