Pathfinder Ventures stated its acquisition of Penticton RV is operating at full capacity. The company expects to add 2,800 square feet of indoor storage to the facility.
Pathfinder and Black Sheep Income Corp. (BSIC) entered into a Letter of Intent on Feb. 10, 2022. Pathfinder will acquire 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 Mark O’Donoghue and Cathy Butler will join the executive management team. Butler will also join Pathfinder’s board of directors.
Pathfinder will assume contracts to acquire two RV resorts, one in BC and one in Alberta, as part of the transaction.
Pathfinder anticipates the acquisition to close in April 2022.
“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.” Butler said.
Butler will join the Pathfinder team as chief investment officer and director upon closing the BSIC sale.
