LANGLEY, B.C. – Two local, member-owned co-operatives— Otter Co-op and Envision Financial, a division of First West Credit Union— have partnered on a financing deal worth $84 million. This financing deal enables Otter to acquire eighteen fully operational liquor stores which will join their Angry Otter Liquor brand, increasing Otter’s liquor locations from six to twenty-four. This acquisition will position Otter as the largest private liquor retailer in the province.
“Co-operative organizations, by their nature, make each other stronger through partnership— and the main beneficiaries of financially strong co-ops are our members, employees and communities,” says Dave Lanphear, President of Envision Financial. “We know how important operating companies are to our economy in B.C., and we’re proud to partner with an innovative, member-centric organization like Otter Co-op to help them grow and thrive.”
Otter Co-op is a large and profitable member-owned organization that is a part of the Co-operative Retailing System. They operate several different business lines including gas bars, grocery stores, pharmacies, bulk fuel, cattle/poultry feed, liquor stores and a brewery.
“This partnership was such a natural fit for both of our organizations given our strong roots in agriculture and sharing in the same member-based values which guide all co-operatives,” says Jack Nicholson, CEO, Otter Co-op. “All decisions we make at Otter are made with our members’ best interests in mind. We think this monumental acquisition aligns with our long-term goal of growing and improving our current diversified business lines and continuing to provide membership benefits and returns to our growing membership base.”
Ashdown Capital also played a key role in helping to facilitate this important deal. Otter Co-op and Envision Financial are both based in Langley and have been serving the community for over 70 years.