Photo: Colin Dacre file photo
Reviving an Icon: Penticton Firm’s Bold Move to Acquire BC Tree Fruits
In an exciting development for the agricultural community, a **Penticton-based construction and engineering titan**, Wildstone Construction Group, is poised to acquire the final assets of the storied BC Tree Fruits. If approved by the courts, this acquisition could breathe new life into one of British Columbia’s most iconic brands.
The Proposed Deal: A Comprehensive Acquisition
**Wildstone plans to invest $22.75 million** in this major purchase, which includes the co-op’s former packinghouse in Oliver, alongside properties in Summerland and Keremeos. This significant transaction also encompasses essential equipment, inventory, and intellectual properties—most notably the cherished branding and trademarks that have defined BC Tree Fruits.
Key Financials and Timeline
With a **$2.15 million deposit** already submitted, the bid is set for a court review this Friday. If granted approval, the finalization of this deal could wrap up as early as May 30. The documentation highlights that the **early closing has been requested** to enable Wildstone to kickstart packing operations during the crucial **2025 fruit-packing season**, potentially starting as soon as June—with cherries leading the charge.
Impact on the Local Agriculture Scene
This acquisition promises to **reopen packing and storage facilities** for local growers in the Okanagan region. The bankruptcy trustee, Alvarez and Marshall, emphasizes the significance of making this offer work, especially to avoid leaving the Oliver packinghouse without essential cold storage facilities.
Support and Next Steps
The **Alvarez and Marshall team has expressed strong support** for Wildstone’s bid, ensuring a streamlined process for court approval. Historically, the courts have aligned with the recommendations from this trustee in past asset sales, paving the way for this transition.
A Look Back: The Rise and Fall of BC Tree Fruits
The collapse of BC Tree Fruits in July 2024 marked the end of an era, concluding nearly **90 years** in business. At its height, the co-op faced staggering debts, amounting to over **$53 million owed to secured creditors**. Despite having **$17 million in cash** available, the organization found itself unable to continue, leading to its eventual bankruptcy.
Recent Developments
In the wake of BC Tree Fruits’ downfall, several entities have stepped up to purchase its various properties. For instance:
- **Novem Pharmaceuticals** acquired the cold storage facility on Kelowna’s Sexsmith Road for **$19.5 million**.
- The **District of Lake Country** bought another property to repurpose into a community center.
- The **Mark Anthony Group** purchased a former warehouse located on Kelowna’s Vaughan Avenue.
What Lies Ahead for Wildstone Construction Group?
As the **CEO Mark Melissen** of Wildstone Construction Group remains tight-lipped about the acquisition until it receives the green light, the community is abuzz with anticipation. With potential growth on the horizon, stakeholders in the agricultural sector are hopeful that this new ownership could lead to a vibrant revival of the brand.
As we await the court’s decision, one thing is clear: the legacy of BC Tree Fruits could be far from over, and with Wildstone at the helm, the possibilities are ripe for the picking.
