ARCOLA - The Arcola Co-operative Association Limited has entered into an agreement to purchase Arcola Building Supplies (2005) Ltd (ABS), a home and building business.
Through this acquisition, the Arcola Co-op will gain a well-established business that is equipped with high-quality home and building products. This gives the co-op the opportunity to better serve the needs of their members, customers and community within the trading area.
The Arcola Co-op has been rooted in the community for over a century and provides employment to 30 people. Its primary area was in the energy and agriculture sector, and during the summer, it also offered some greenhouse products and plants. Through acquiring ABS, all five employees have been offered employment by Arcola Co-op.
“We are excited for this opportunity to enter into this home and building business,” said Matthew Almey, general manager of the Arcola Co-op.
“Like [the] co-op, ABS has a long and storied history in this community. This acquisition helps ensure services and profits remain in the local community that we serve,” said Almey.
Harry and Debra Laurent have owned ABS since 2005 and have offered high-quality lumber, building supplies and hardware products to customers in the community and the southeast corner of Saskatchewan.
With Harry staying on through the transition period and the staff coming over from ABS, they are confident that everything will flow smoothly.
“We are proud of the legacy we have built through Arcola Building Supplies,” said Harry and Debra.
“Arcola Co-op shares the same vision of valuing staff and customers, and we are confident they will continue to offer the same high level service that ABS is known for,” they said.
The acquisition is subject to conditions and expected to close mid-June with the co-op operations set for June 17.
Darlene Davidson, a long-time employed with ABS, has been hired as the assistant manager, and it will be Almey and Davidson who will oversee the day-to-day operations.
Once the dust settles from the purchase, they will evaluate the structure, and determine the roles and needs going forward.
At the Arcola Co-op annual general meeting (AGM) on June 6 at the Arcola Optimist Hall, the acquisition was announced.
Harry and Debra Laurent were at the packed venue and the co-op thanked them for their years of service in the business and community.
At the same time, Garth Herman and Teresa Dyck were re-elected as members of the board of directors, while Gary Nelson was congratulated on his upcoming retirement.
The co-op is allocating $728,000 back to members, of which $545,000 will be paid out in cash redemption portions.
