Estevan – In 2016, the Richardson family made the big bet of buying the Enbridge Pipelines (Saskatchewan) Inc. system for $1.075 billion. Asked by Pipeline News on June 17 if it has turned out as they expected, Hartley T. Richardson, president and CEO of parent company James Richardson & Sons, Ltd., said, “It took a lot of people by surprise.
“I would say it has, now. We had to get a better understanding of the business, which had grown exponentially with that acquisition. But we’re very pleased with it. It’s worked out very well and we see a great future. We’re excited to further develop the company under this new identity,” he said.
“It was a decision made, because without doing it, our growth was restricted to Manitoba. We needed to expand into southeastern Saskatchewan, and this was the most effective way to do that. It took a number of years of discussion with Enbridge to convince them to sell the asset.
“This is what we do, in this company. It’s all that we do, and I think we do it very well.”
The newly-renamed Kingston Midstream, formerly Tundra Energy Marketing Limited, is a wholly-owned subsidiary of family-owned James Richardson & Sons, Ltd.
Asked if a new name is indicative of new growth on the horizon, Richardson said, “We encourage all of our operating companies to bring forward new opportunities for growth, and Jim is no different. When we make the commitments, we make them for the long term. For 162 years in business, we see this as a long-term growth opportunity, and an important part of the industry that’s integral to this country. We’re going to service our customers as best as we can.”
He referred to Jim Hand, Kingston Midstream’s president and CEO.
The Richardson Foundation recently held a press conference in Winnipeg to announce a million-dollar contribution to STARS air ambulance over four years. Hand noted this will see the new Kingston Midstream logo emblazoned on the helicopters, along with other donors’ logos.
“From the family’s standpoint, I think I can speak for the family, we’re very excited about this name change. It very significantly connects our family and our past with growth potential and entrepreneurialism that is prevalent in this organization. I think it’s a great marriage of the past and the future and we’re very excited by it.”
He noted James Richardson’s quote which still rings true today “Our goal is to be the kind of business organization in which people can place their trust.”
Hand added, “We wouldn’t be where we are today without our employees, service providers, customers, and other stakeholders. We owe them all a debt of gratitude.”