Tribe Property Technologies Inc said it has entered into an agreement to acquire Powder Highway Management Group's (PHMG) property management portfolio, comprising residential management contracts and current employees in the communities of Revelstoke and Golden. The company said the deal expands its management services to the south-eastern corner of British Columbia.
Tribe said the deal will add to its expanding footprint of homes and investment properties under management. It also expands its reach across five of BC's seven economic regions, including Mainland/Southwest, Vancouver Island/Coast, Thompson/Okanagan, Cariboo, and Kootenay - which has seen residential growth over the past number of years.
With its proximity to Calgary and Kelowna, reputation for some of the best skiing conditions, and a surge in searches for recreational and resort property, it said the region is poised for growth.
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"We look forward to bringing our tech-enabled service delivery model to this growing region in British Columbia," CEO Joseph Nakhla said.
"This acquisition will support our expansion strategy into new markets to drive organic growth and open new revenue streams while bringing efficiencies in service delivery through the digitization of these communities.
"This accretive acquisition will also provide us the opportunity to deploy our technology in future new construction communities in the region.”
Tribe said PHMG founder Suzanne Riegel will join the company as regional director for the interior region of British Columbia, taking on the responsibility of overseeing its existing Kamloops and Kelowna offices, in addition to the Kootenay region.
"We are proud to be joining a community-focused management company that understands the unique needs of our region," Riegel said.
"It is nearly impossible for a management company to develop the technology Tribe has, and their model will ensure the people of the growing Kootenay region experience innovation and leading service delivery that supports and encourages growth to the region.”
Tribe said the financial terms of the transaction are confidential but aren't expected to have a material impact on its accounts for the fiscal year ending December 31, 2021. The definitive agreement was signed on September 15 and this transaction is expected to close on September 30.
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