Pathfinder Ventures Inc. is pleased to provide an update on the previously announced RV & self-storage acquisition of Black Sheep Income Corp. (BSIC). Pathfinder continues to be bullish about the new business arm, Pathfinder Storage Solutions.
BSIC reports that the Penticton location is operating at full capacity and Pathfinder plans an expansion to add an additional 2800 sqft of indoor storage.
Acquisition of BSIC
Pathfinder and BSIC entered into a Letter of Intent (LOI) on Feb 10, 2022, whereby Pathfinder will acquire a 100% 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, B.C. 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.
Penticton RV and Self Storage Business at Full Capacity, Expansion Planned
BSIC acquired the Penticton RV and self-storage location in 2020, and management 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 maximize flexibility for both demands among its sites and to maximize land value. Over the last 6 months, the occupancy has been over 95% 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.
About Pathfinder Ventures
Pathfinder Ventures Inc. is developing a network of branded, upscale, and family-friendly RV parks and campgrounds under the “Pathfinder Camp Resorts” name. Pathfinder currently has three camp resorts located in B.C. and is focused on growing its network through both acquisitions and development. Pathfinder is also seeking to acquire RV & Self Storage facilities to take advantage of the rapidly growing market of people who want to experience the great outdoors in an RV.