VANCOUVER — Itasca Capital Ltd. says it will add businessmen Paul Rivett and Rick Doman to its board of directors to help pursue additional lumber investments after buying a Kenora sawmill and related assets for $11.5 million.
Rivett has been in the news recently after taking part with partner Jordan Bitove in the purchase of newspaper publisher Torstar Corp. for $60 million through their company, NordStar Capital LP.
Doman is the founder of Montreal-based Eacom Timber Corp., which owns sawmills and other forest products operations in Eastern Canada. Rivett is the former president of Fairfax Financial Holdings Ltd.
The Kenora mill is being purchased through a court-appointed receiver by an Itasca investee company and is to be renamed GreenFirst Forest Products Inc.
It has access to up to 450,000 cubic meters per year of northern SPF (spruce, pine, fir) timber and is equipped to produce up to 100 million board feet per year of lumber on two shifts.
Itasca says it is expected that the Kenora sawmill can be optimized to boost capacity to 200 million board feet annually.
"Itasca will certainly benefit from the experience of Paul and Rick and we look forward to a bright future for the company as we pursue new lumber investments under the GreenFirst banner," said Itasca chairman Kyle Cerminara.
This report by The Canadian Press was first published Sept. 17, 2020.