CanWel announces acquisition of Jemi Fibre

On Mar. 9, Jemi Fibre announced it will become a subsidiary of CanWel Building Materials.

On Mar. 9, CanWel Building Materials and Jemi Fibre Corp. announced they have entered a “definitive agreement” in which CanWel will acquire all of the issued shares of Jemi Fibre.

Jemi Fibre has roughly 136,000 acres of private timberlands, including land in the Elk Valley. Jemi Fibre’s equity value is estimated at $11 million. The purchase agreement with CanWel means that Jemi Fibre will become a subsidiary of CanWel, combining Jemi Fibre’s operations with CanWel’s platform.

The acquisition includes all 136,000 acres of timberlands, harvesting operations, multiple post peeling facilities, two specialty wood treatment plants and one saw mill. The agreement will also create Canada’s only vertically integrated building materials distribution company and was unanimously approved by the board of directors of both companies.

Mike Jenks, the CEO of Jemi Fibre, entered into a long-term agreement with CanWel, and will continue to lead Jemi Fibre as a subsidiary of CanWel.

“We are extremely pleased to be joining the CanWel organization to establish a more stable operating platform,” said Jenks in a press release. “Joining CanWel allows us to be part of a larger entity with deep and effective sales and distribution channels, operating expertise and a strong balance sheet. We have worked hard building a highly strategic, valuable and integrated collection of assets and look forward to continuing our company’s vision as part of CanWel.”

CanWel is a Vancouver-based business, founded in 1989. It’s gained a reputation for being one of Canada’s largest distributors of building materials and renovation products. They have a number of distribution centres across the country and in the United States.

So far, it is unclear if the transaction will alter production or operations in the Elk Valley. The Free Press has contacted representatives from both parties and will continue to follow the story.

 

Just Posted

VIDEO: Explorers uncover Canada’s deepest cave in Fernie

The cave, named Bisaro Anima, was confirmed to have broken the record on New Year’s Day

New Glade ferry enters testing phase

The Glade II will be able to carry heavier loads and will emit less greenhouse gases.

Freezing rain warning in effect for B.C. Southern Interior

Environment Canada issued the freezing rain warning for most of the Southern Interior Tuesday morning

Rumble In The Rockies brings live boxing back to Fernie

Local boxer, Dylan Mitchell takes first career win at home

Smiles all around as province announces emergency ward funding

$2.1 million to go to much-needed upgrades

Solitary-confinement veto a chance to address mental health: advocate

B.C. Supreme Court made the landmark ruling Wednesday

Winter storm coming to B.C. this weekend

The bets are on as to how much snow the province will actually get in the coming days

B.C. civil rights group files complaint about RCMP arrest of man who later died

Dale Culver, a 35-year-old Indigenous man was arrested in Prince George last July

Lawyer says former B.C. government aide ‘barely guilty’ in ethnic vote scandal

Brian Bonney pleaded guilty to a breach of trust charge

Quite a few tears as homemade quilts distributed to residents of Ashcroft Reserve, Boston Flats affected by last summer’s fire

Quilters in B.C. and Alberta worked through the summer and fall to create more than 100 quilts.

Island Health: No need for alarm in wake of Victoria needle-prick incidents

Three incidents in a week prompts meeting between health authority, city service providers

B.C. coast loggers celebrate history, hope for improvement

Truck Loggers Association awaits B.C. NDP government’s new direction

Global Affairs aware of report of two Canadians kidnapped in Nigeria

The foreigners were heading south from Kafanchan to Abuja when they were ambushed around Kagarko

Whistler role in potential Calgary Olympic bid would be welcome: IOC

Calgary is mulling whether to vie for the 2026 Games, and could look to facilities in B.C.

Most Read