- Details
- By Tribal Business News Staff
- Real Estate
Ukpeaġvik Iñupiat Corporation has acquired a majority stake in Northbank Civil and Marine Inc., a Vancouver, Wash.-based construction company, as part of the Alaska Native corporation's continued expansion in the Pacific Northwest.
The acquisition, announced Jan. 16, adds marine and civil construction capabilities to UIC's portfolio, which includes heavy civil construction, marine operations and dredging services. Northbank, founded in 2014, specializes in fish passage enhancement projects, marine facilities, hydropower infrastructure, dam rehabilitation and bridge construction across the western United States.
Northbank holds multiple U.S. Army Corps of Engineers contracts for dam and hydropower infrastructure work, including projects at Bonneville Dam, McNary Lock and Dam, and Chief Joseph Dam, according to market intelligence firm HigherGov.
Jeevan Pokharel, UIC's chief operating officer who led the acquisition, said the deal supports the corporation's strategy to offer integrated services across its three core construction areas.
The acquisition follows UIC's recent investments in Pacific Northwest construction companies including Johansen Construction, Highmark Concrete Contractors and HME Construction.
Kainan Bodenlos, Northbank's president, said the company has already benefited from UIC's ownership of HME Construction and that common ownership of both companies creates opportunities for collaboration.
Northbank will maintain its existing name and leadership team.
UIC, the Alaska Native Village Corporation of Utqiaġvik, serves more than 4,000 Iñupiat shareholders and descendants. The corporation employs over 4,400 people across multiple industries including construction, engineering, information technology and marine operations.
The corporation said the acquisition strengthens its market position and supports long-term financial performance benefiting Iñupiat shareholders.
In the news release announcing the acquisition, UIC said it is seeking additional acquisition and partnership opportunities with construction businesses.
