Bedford's American Biomass buys Canadian wood pellet company
October 18. 2016 8:00PM
People are stocking up now on wood pellets, and a Bedford company announced it acquired a popular brand to add to its arsenal.
American Biomass announced Tuesday it was acquiring the brand name, trademarks and customer lists of Okanagan Wood Pellets from Viridis Energy Inc. of Vancouver, Canada, according to CEO David Nydam.
Nydam said he expects the purchase will result in expanding its 15-person Bedford work force.
“We’ll probably increase it a little bit, but no definitive plans on what the number will be,” Nydam said.
American Biomass sells wood pellets wholesale and also provides deliveries to consumers, with its market stretching from Baltimore to Ohio to Maine, he said.
The “Okanagan brand name has a very strong following both with retailers and consumers,” he said. “That’s why we were interested in picking it up.”
The privately held company declined to provide a purchase price for the deal, which closed Tuesday.
American Biomass, which doesn’t produce pellets itself, maintains its own brand as well.
Nydam said this is the busiest part of the year, with people who want to stock up for the winter buying now while other customers purchasing product as needed.
“New Hampshire is our largest market,” he said.
American Biomass plans to start offering the Okanagan Wood Pellets immediately to retailers.
Viridis Energy couldn’t be reached for comment on what triggered the sale.
“Okanagan Pellets have been extremely popular with our retailers and consumer alike,” Christopher Robertson, CEO of Viridis Energy, said in a statement. “We are very pleased that American Biomass can now build on that history with the successful transition of Okanagan to them.”