A High River based investment firm is branching out with its latest purchase.

Western Investment Company President and CEO Scott Tannas says they're after a food processor in Alberta.

"We've been working on this about five months actually and this is a little bit of a twist for me in that we're investing in companies that are different and diverse," Tannas says. "Through the building of Western Financial Group it was a whole bunch of the same, you know I bought a hundred companies that looked just like HiAlta in a hundred towns that looked just like High River. To be able to do this it takes a lot more time."

Tannas says most Albertans would know this particular agrifood processor and will know the name once the deal is closed. All of the parties involved have agreed to keep the identity of the agrifood processor confidential until all conditions are met and the deal is finalized January 31, 2018.

He says the processor has a 35 year history and a very recognizable product that most Albertans would use.

"For our little company, we now have four investments that by the end of this year we will have done, and will finish the first stage in building the Western Investment Company and profits that we anticipate that we'll earn in the coming years, it's a very nice base for us," he says. "I think we will take some time over the next six months and digest what we've done, make sure that everything is as it should be with those four investments and then we'll look to the future to grow and add more companies to the portfolio."

If the $25.5 million deal goes through Western Investment Company of Canada would own 50 per cent and its partner in the deal 40 per cent while the current owner will retain 10 per cent.

 

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