PIC Investment Group Inc. and Athabasca Basin Development LP acquire Long Lake Insurance
The PIC Investment Group (PIC) and Athabasca Basin Development (ABD) announced the acquisition of Long Lake Insurance in October 2017.
Long Lake Insurance is a full service, independent insurance brokerage providing products and services in the personal, business, and farm insurance sectors. Long Lake has offices in Imperial, Bethune, Holdfast, Craik and Chamberlain. Under the terms of the acquisition, Long Lake’s owners Dan and Catherine Mengel will continue to manage the company for at least one year. “We were interested in Long Lake because we liked the way Dan and Catherine were running it. We are grateful to have them continue on with us as we grow an exciting new future for Long Lake,” said Greg Yuel, CEO of PIC Investment.
The acquisition partners are hoping to help Long Lake’s growth strategy. “Basically, in the near term, nothing will change at Long Lake except that there will be more opportunities for the companies,” says CEO of ABD Geoff Gay. “Long Lake will benefit from access to expanded potential markets. We will benefit from their expertise. And, together, we will work to support the operations and continue to grow Long Lake’s success.”
“Catherine and I thank our employees and customers for their support over the past 20 years and we are looking forward to the opportunities that the new ownership will provide them,” says Dan Mengel. “It is important to us that PIC and ABD will remain committed to the values that made Long Lake successful. A great place for employees to work, providing the best customer service and supporting our communities. We are happy to be able to work with them in the future.”
The PIC Investment Group is a family-owned company with a wide range of interests including industrial products, transportation and others.