Choggiung Ltd. signs for acquisition of Bristol Alliance of Companies
Bristol Bay’s largest village corporation – Choggiung Limited – has acquired majority ownership of the Bristol Alliance of Companies in a partnership with the Bristol Bay Native Corporation.
Choggiung Limited is now the official owner of the Bristol Alliance of Companies. The final papers were signed at a closing ceremony on July 31 in Dillingham, ending a two-year selection process.
President and CEO of Choggiung Limited, Cameron Poindexter, said that when they began, the board didn’t know which company they would acquire if selected.
“We were told limited information about the opportunity early on. It was revenue, net income, and numbers. It was a construction company. We weren’t told what it was,” he said.
At the ceremony, many board members characterized the acquisition as an Ipuk – or marriage – between Choggiung and BBNC, which will retain minority ownership of the company. Fish baskets were exchanged between chairmen, and BBNC COO Scott Torrison passed out specially minted coins to board and staff members.
“I do believe that there is significant potential now that we have changed the control of the company," Torrison said. "We at BBNC are excited about being involved, excited about working more closely with Cameron and Choggiung.”
The deal marks the first partnership of its kind between a village and regional corporation.
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