16 Jun Steel River Group Announces Sale of Interest in Backwoods Energy Services
CALGARY, Alberta, June 15, 2021 (GLOBE NEWSWIRE) — Steel River Group Ltd. (Steel River), an Indigenous-owned diversified management and construction consortium, is proud to announce the sale of its minority interest in Backwoods Energy Services (Backwoods) to Alexis Nakota Sioux Nation (ANSN), in addition to the signing of an MOU between Steel River and ANSN. As a result of this transaction, Backwoods is now 100 percent owned by ANSN.
Steel River’s initial investment was predicated on one day selling their ownership stake back to ANSN, ensuring sustainable revenue generation, job creation, and retention for ANSN for years to come. This transaction is indicative of Steel River’s mission to champion generational sustainability while actively supporting the cultural, social, and economic wellbeing of its Indigenous Partners.
“It is an honour to have supported the Nation and its citizens in this historic achievement of retaining 100 percent full ownership of Backwoods,” said Trent Fequet, founder and CEO of Steel River Group. “Maximizing Indigenous employment, education, ownership, and entrepreneurial experience is at the core of the Steel River Group mission. This transaction was built on a synergistic partnership, one of mutual respect, trust, and a shared vision for Indigenous prosperity. We look forward to working with Alexis Nakota Sioux Nation under a newly formed long-term MOU.”
Steel River entered into a strategic investment partnership with ANSN in 2017, making ANSN the first Indigenous Partner to become part of the Steel River Ecosystem. The Ecosystem model brings together Steel River-owned companies, Canadian business leaders, and Indigenous communities to create long-lasting relationships focused on mutual success. Through this model, Steel River provided ANSN with the operational expertise and industry leadership needed to achieve the next level of success for Backwoods.
“It brings me great pride to say that Backwoods Energy Services is now a 100 percent First Nations-owned business,” said Chief Tony Alexis of Alexis Nakota Sioux Nation. “We have been working towards this moment for many years now and I want to thank Steel River Group for their committed partnership along the way. The financial prosperity of our people is crucial to our long-term sustainability. With the acquisition of Steel River’s minority stake in Backwoods, we are closer to our goal of economic self-determination than ever before.”
Steel River is committed to working with communities, businesses, and industry to forge a prosperous path forward for all. For more information, please visit www.steelrivergroup.com.