Pathfinder Ventures Inc. is continuing its expansion into the outdoor hospitality and affordable housing sectors through a focused strategy of acquiring and upgrading RV resorts and developing modular housing communities across Western Canada.
Founded in 2019, the company currently operates three RV resort properties in British Columbia and recently signed a letter of intent to acquire a 40 percent interest in a modular home community development in the Okanagan region.
The company’s founder and CEO, Joe Bleackley, cites personal frustration with campground availability and quality as the original motivation behind launching Pathfinder.
“What honestly sparked the idea was my being so annoyed all the time at how hard it was to get a good camping reservation for the family,” said Bleackley in a report by BNN Bloomberg. After raising $8.6 million in private capital, Pathfinder purchased its first three properties in B.C.
Currently valued at $16 million, Pathfinder’s existing portfolio includes sites for RVs, campers, cabin rentals, and tent accommodations.
The company is pursuing further acquisitions in British Columbia, Alberta, and Ontario, with plans to manage additional sites as a future acquisition pipeline.
“There’s a lot of room for upgrades and improvements, and the campers of today are dictating what they want,” said Bleackley.
“We are building a very early-stage portfolio of cash-flowing, premium RV park and modular home community properties.” These improvements include full hookup sites, 50-amp service, swimming pools, resort-style amenities, and tech-driven services like Wi-Fi and a mobile app.
The company also launched its Pathfinder Lifestyle Communities division in 2024 to develop modular housing as a response to Canada’s pressing housing shortage.
With modular home prices targeted under $300,000 on a 99-year lease, Pathfinder aims to offer lower-cost homeownership alternatives.
“The infrastructure is very similar, and the main difference is that you build a pad, but in one asset class, you rent it short term, and in the other asset class, you put a home on it,” Bleackley said.
Pathfinder’s strategy aligns with Canadian housing projections by CMHC, which estimates a need for 3.5 million additional affordable housing units by 2030.
Bleackley stated the company has identified approximately $400 million in modular housing opportunities and $300 million in RV park acquisition targets. The firm currently generates approximately $3.5 million in annual gross revenues.
Chief Operating Officer Stan Duckworth, a veteran in the RV park sector since 2002, highlights the challenges facing many existing park owners, especially mom-and-pop operators who may lack the resources or interest to modernize aging infrastructure.
“Many couples purchase RV parks as kind of retirement jobs, not realizing you need competent staff and that it’s 24 hours a day, 7 days a week,” Duckworth noted.
Pathfinder’s business model offers flexibility for sellers, allowing them to exit, remain involved, or continue in modified roles.
The company sees value in consolidating a fragmented industry where 80 percent of the over 15,210 private RV parks in North America are independently owned.
As outdoor recreation and RV travel continue to grow, RV ownership in North America has increased by more than 62 percent in the past two decades—the demand for modern, amenity-rich parks is increasing.
For campground operators and outdoor hospitality professionals, Pathfinder’s model offers insights into upgrading properties to meet evolving consumer expectations, diversifying revenue streams, and potentially entering into flexible exit arrangements.
Bleackley sees parallels with past industry developments. He points to Parkbridge Management LP as a comparable success story:
“Parkbridge started in 1998 with just two parks, listed on the TSX Venture Exchange, and about ten years later, they were bought out by QuadReal Property Group for about $800 million.”
With bookings reportedly up 48 percent in April 2024 compared to the previous year and early bookings increasing more than 10 percent, Pathfinder is positioning itself as both a consolidator in the RV park space and a participant in Canada’s modular housing future.