An economic development corporation owned by four northern communities is making an acquisition.

Primrose Resources Corporation which is owned by the Northern Village of Île-à-la-Crosse, the Northern Village of Beauval, the Northern Hamlet of Jans Bay and the Northern Hamlet of Cole Bay, has announced they have bought a 50 per cent stake in Prince Albert based Impact Mechanical Services Ltd.

Nick Daigneault, the chairperson for Primrose Resources Corporation told MBC Radio News their purchase of a stake in Impact Mechanical Services is the first time the corporation has made such an investment. He explained previously the company was mostly involved in joint ventures which involved them partnering with others. Daigneault said their investment in Impact Mechanical Services will change this and make for some real benefits.

“We have more say about who the labour pool is and where the strategic direction of the company is going and we feel with this partnership we can really make some headway into getting more apprentices and journey people coming out of this company,” he said.

Impact Mechanical Services came on to Primrose Resources’ radar as part of their business has involved them providing sub contracting services to some mines in the north. Daigneault said now that Primrose is a partner, Impact Mechanical Services will be able to act as primary contractor at mines in the north as it now qualifies to be placed on a preferred contractors list, which will be helpful for the company.

“In order to be a mine site vendor you have to be a northerner, or you know you have to have that Indigenous content in the share structure and that’s what we’re providing,” said Daigneault.

Along with mine sites, Daigneault said Impact has provided services for pulp mills in the province.

In order to make the investment possible Primrose developed a business plan which was then presented to a couple of groups which have the aim of supporting Métis people and communities when it comes to economic development.

“Once the business plan was done we shopped it around and instantly got some support from both SMEDCO, the Saskatchewan Métis economic development as well as Clarence Campeau Development Fund,” said Daigneault.  .

Going forward Daigneault said Primrose is looking to make similar investments in other companies. He said they are hoping to be able to make an announcement in the coming months. When it comes to what type of companies could be invested in, Daigneault said Primrose wants to be strategic while also looking to help meet some of their communities own needs.

“We’re purchasers ourselves, so I mean why not get involved in some industries where we’re buying product from ourselves, those are the types of discussions we’re having around our table,” he said.

(Top Photo. Primrose Resources Corporation Chairperson Nick Daigneault. Photo Courtesy of Indigenous Chamber of Commerce of Saskatchewan Facebook.)