Mirax Group has reached an agreement to acquire Interfor Corporation's Avalon Dryland Log Sort ("Avalon") assets located in Port Mellon, British Columbia, Canada, and will operate through a wholly-owned affiliated company, Avalon Log Sort Inc. Pursuant to the agreement, Mirax Group will acquire all real property assets of Avalon and will retain all employees.

Avalon is situated on an approximately 14-acres of fully-paved waterfront land in Port Mellon, BC, which includes approximately 55-acres of foreshore leases for log handling, booming and tie-ups. The acquisition of Avalon will provide another asset that would enable the Mirax Group to fulfill its goal of becoming a more vertically integrated forest company. Avalon will be operated as a fully custom dryland log sort and will welcome volume from other timber companies and brokers as well as Mirax's own volume for its sawmill division on the Sunshine Coast. Having already established operations on the Sunshine Coast, this purchase will complement Mirax' recent acquisition of forested waterfront and booming grounds at Gambier Island, adjacent to Avalon.

The completion of the transaction is subject to customary conditions and is expected to close in the beginning of the 3Q 2022.

The Mirax Group is a privately owned family-based company founded in 1997 and has grown to over 500 employees throughout British Columbia.