April 10, 2025 (press release) –
ESPANOLA, ON, April 10, 2025 /CNW/ - BMI Group, a leading industrial development company, has formed Bioveld North Inc. This strategic subsidiary has signed an Asset Purchase Agreement with Domtar to acquire the former Espanola and . The closing of the sale is subject to customary regulatory approvals. Until then, Domtar will retain ownership of the assets.
This acquisition, which establishes a northern counterpart to BMI's award-winning Bioveld Niagara hub in Thorold, marks a new chapter for the historic industrial site while expanding BMI's network of industrial multimodal sites across Ontario and Quebec—from Iroquois Falls to Niagara and east to Baie-Comeau on the Atlantic.
The comprehensive agreement includes a 16MW hydropower plant and dam that currently supply Ontario's power grid. BMI Group will invest in these energy assets to ensure their long-term viability and continued contribution to the region's sustainable energy resources.
BMI specializes in "ready-stating and re-futuring," a process that has successfully remobilized idle industrial properties across Ontario, Quebec, and Michigan by retooling valuable infrastructure for new uses.
"We look forward to working closely with the Town of Espanola, neighbouring Anishinabek communities, as well as Federal and Provincial governments to realize the competitive advantages of this remarkable region," said Paul Veldman, CEO of BMI Group.
The , which was indefinitely idled in 2023, employed 450 workers, 32 of whom continue to manage and maintain the site. "The knowledge and skills of the people here are second to none. Their expertise will be critical in shaping the next chapter," added Veldman.
With the acquisition process underway, BMI looks forward to creating opportunities to put valuable infrastructure back to work, honouring the area's papermaking legacy while embracing innovative new possibilities.
Media Contact:
Olga Patronik
Executive Project Coordinator, BMI
olga@thebmigroup.ca
1-888-264-4258
About The BMI Group:
The BMI Group transforms strategic properties into high-impact, multi-use developments across industrial, commercial, residential, and hospitality sectors. With a focus on enhancing social and economic potential through multi-sector collaboration, BMI delivers new opportunities for investment, innovation, and community revitalization.
For more information, please visit: www.thebmigroup.ca
SOURCE BMI Group
Organizations
* All content is copyrighted by Industry Intelligence, or the original respective author or source. You may not recirculate, redistribute or publish the analysis and presentation included in the service without Industry Intelligence's prior written consent. Please review our terms of use.