https://www.canadianlawyermag.com/news/deals/tribe-property-technologies-expands-in-the-kootenay-region-as-residential-demand-surges/360024
Source: Canadian Lawyer Magazine
With the rapidly growing residential needs and 20 per cent increase in average housing prices in the Kootenay region, Tribe Property Technologies is expanding its footprint in the area with a recently announced acquisition.
Tribe agreed to acquire Powder Highway Management Group’ Property Management Portfolio. The deal includes PHMG’s residential management contracts and employees in Revelstoke and Golden. According to Tribe in a press release, Kootenay is “poised for growth” because of its proximity to Calgary and Kelowna, known for some of the best skiing conditions.
Tribe is a property management company. The company’s financial results for the second quarter of 2021 show a revenue of $3.97 million, a 244-per-cent increase compared to the same period last year.
According to its CEO, Joseph Nakhla, the acquisition of PHMG is part of Tribe’s expansion strategy into new markets. “This agreement is indicative of our M&A team’s execution in this space – and takes full advantage of the work that has been done by our Integration Team over the past two quarters,” said Nakhla.
“We continue to seek out opportunities to expand our footprint through acquisitions within Canada and beyond. With an expanded presence into the growing Kootenay region, including the addition of personnel on the ground, we will be well-positioned to add new business in the area.”
With more than 40,000 homes under management and more than 100,000 people living in Tribe-managed communities, the acquisition will add to the company’s reach across B.C.’s economic regions. Tribe currently has a presence in Mainland/Southwest, Vancouver Island/Coast, Thompson/Okanagan, Cariboo, and Kootenay. Tribe’s acquisition of PHMG is expected to close on September 30, 2021.