Long-time Lethbridge homebuilder Triple M Housing has been acquired by ATCO Ltd.
In a news release, ATCO said Triple M will operate as a specialized housing division for ATCO Structures within Canada.
Opened in 1981, Triple M became the largest residential modular home manufacturer in western Canada.
ATCO said Triple M’s ability to deliver affordable high-quality homes within a short construction timeline is a strategic advantage in the current housing market.
“They serve an important niche in the market and they’ll continue to do well,” said Trevor Lewington, CEO of Economic Development Lethbridge.
“Even though the economic downturn might sort of affect housing in general, they’re in the right space in the market that should benefit from that.”
Lewington predicts the deal has the potential for the homebuilder to see growth and expansion.
“Hopefully it’s good news for Triple M as a company and their employees as they get access to greater resources but also potentially new markets,” said Lewington.
Calls and emails to Triple M were not returned Thursday.
When asked specifically what this move means for current employees at Triple M, ATCO did not provide a specific answer, but in a statement said:
“Triple M is best equipped to discuss its local operations. They have built and operated an extremely successful enterprise for more than 40 years, becoming the largest manufacturer of modular residential homes in Western Canada and an integral part of the Lethbridge community.
“We are very pleased to partner with their experienced management team and over 300 highly skilled production employees as we expand our presence in the North American residential housing market through this acquisition – which reflects ATCO’s relentless pursuit of opportunities to provide the essentials to customers in a wide variety of market segments.”
Lewington said in his overall view, the deal is another positive step for the local economy.
“If Lethbridge can export more to the world, that’s what it’s all about.”