Itasca Capital purchases Kenora Forest Products
By PJ Boyd
Kenora Forest Products has been sold for $11.5 million to a numbered company operated by Itasca Capital.
1347 Investors LLC is buying the sawmill and its related assests in Kenora, Ont., from a court-appointed receiver in a deal that is expected to close on Oct. 5, 2020.
That includes about 114 acres of land, Itasca said in a press release. It is also changing the name of the operation to GreenFirst Forest Products Inc.
“The sawmill sits on a 42-acre site leaving over 72 acres of undeveloped lakefront land in the attractive Lake-of-the-Woods region,” reports Kenora Online.
The Kenora sawmill has access to up to 450,000 cubic meters per year of high-quality, northern S-P-F timber. Itasca said the mill can be optimized to achieve production capacity of 200 million board feet annually.
The company also announced Rick Doman formerly of Eacom and Paul Rivett, part of the group that recently bought the Toronto Star newspaper, are joining the board of directors for Itasca.
“Paul and I are excited to join Itasca’s board and look forward to working with Larry (Swets, CEO) and the Itasca team to begin building GreenFirst as focused on lumber and forestry investments,” said Doman. “Similar to our recent success building Eacom with the Domtar lumber assets, we look forward to assisting 1347 LLC in its acquisition and organization of the sawmill while also looking globally for additional sawmill assets in the future.”
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