Mirax Group announced today (5-16-22) that it has reached an agreement to acquire Interfor Corporation’s Avalon Dryland Log Sort (“Avalon”) assets located in Port Mellon, BC. The acquisition will operate through a wholly owned affiliated company, Avalon Log Sort Inc.
Mirax Group is a privately owned, family-based company founded in 1997, which has grown to over 500 employees throughout British Columbia with operations expanding to forestry, lumber manufacturing, lumber value-added operations, marketing, agriculture, real estate and development, and hospitality,
According to the Agreement, Mirax Group will acquire all real property assets of Avalon and will retain all employees. Avalon is situated on an approximately 14-acres of fully paved waterfront land in Port Mellon, BC, which includes approximately 55-acres of foreshore leases for log handling, booming, and tie-ups.
According to the company, the acquisition of Avalon will provide another asset that would enable the Mirax Group to fulfill its goal of becoming a more vertically integrated forest company. Avalon will be operated as a fully custom dryland log sort and will welcome volume from other timber companies and brokers, as well as Mirax’s own volume for its sawmill division on the Sunshine Coast.
Commenting on the Avalon acquisition, Jas Binning, CEO of Mirax Group, said, “Having already established operations on the Sunshine Coast, this purchase will complement our recent acquisition of forested waterfront and booming grounds at Gambier Island, adjacent to Avalon. We are very excited with the addition of Avalon to our family. This purchase expands our existing presence on the Sunshine Coast, and we look forward to welcoming Avalon’s employees to our organization.”
The completion of the transaction is subject to customary conditions and is expected to close in the beginning of third quarter in 2022.
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Mirax Group to Acquire Avalon Dryland Sort in Port Mellon, BC