10 Years, 10 Investments

September 3, 2012 in News
Explorer: Fall 2012

Athabasca Basin Development purchases 66% ownership of Double Diamond Industrial Structures

In its tenth year of operations, Athabasca Basin Development has reached a significant milestone for the company. This fall, the aboriginal-owned investment company announced ownership into its tenth company: Double Diamond Industrial Structures.

“We are excited to be investing in Double Diamond Industrial Structures,” says Geoff Gay, CEO of Athabasca Basin Development. “This investment is a good fit with our overall portfolio of investments in companies servicing the mining and exploration sector. Double Diamond is an impotant supplier to the industry, known for providing high quality modular structures for the mining, oil and gas industries.

“With this investment, we have also reached a significant milestone in our company,” says Gay. “In our tenth year of operations, we now have complete or partial ownership in ten companies that are poised for continued growth in Saskatchewan. Our recent consolidated revenues have surpassed $110M annually, and our companies employ nearly 1300 people across the province. We are proud of our history and our track record for growth, and we look forward to a bright and exciting future in the next ten years.”

Athabasca Basin Development will own 66% of the company, with Prince Albert First Nations Business Development LP, Sturgeon Lake First Nation Developments LP, and Double Diamond senior management owning the remainder of the company. Double Diamond Industrial Structures will continue to manufacture modular structures suitable for all types of industrial camps, remote offices, sleeper units and dorms.

Curtis Martin, the former owner of the company, plans to retire from his position as CEO. Barrie Bergsma, formerly of Rosten Bergsma Consultants, has been appointed as the new CEO of the company. There will be no additional changes to current operations as a result of this transaction.

“I am excited to be starting with Double Diamond in this next phase of its history,” says Bergsma, “Athabasca Basin Development is dedicated to supporting strong companies, and this partnership is an excellent fit to help us continue our focus on growth, through providing top- notch industrial structures to some of North America’s top companies.”

Double Diamond Industrial Structures is a Saskatoon based manufacturing facility specializing in the production of high quality modular structures for the mining, oil and gas industries. The company provides buildings to some of North America’s largest companies and strives to supply and install the best buildings possible for their client’s workforce.