Lab One Capital Corp. (“Lab One”) is pleased to announce that it has completed the acquisition of Adanac Recovery Ltd (“the Bottle Depot” or the “Company”), partnering with 17-year employee and industry veteran Dan Dahl to complete the transaction.

Founded in 1995, the Bottle Depot has been a pioneer acting as the largest beverage container recycling operation on Vancouver Island and one of the largest in BC. With three distinct Return-It centers across Victoria and an industrial, commercial, and institutional division offering direct pick-up, the Company is able to divert over 125 million containers from the waste stream each year in addition to enabling meaningful fundraising opportunities for not-for-profit and charitable organizations.

As part of the acquisition, the Company will continue to operate under its brand the Bottle Depot and the existing management team will remain in place. Lab One will provide additional bench strength to enable the Company to expand its operations, professionalize further, and facilitate the business owner’s succession into a well-earned retirement.

Dan Dahl, a long-term employee who will be buying in as an equity partner, commented: “I’m humbled to be invited in as a partner at the Bottle Depot and excited to work with the Lab One team. Over the past few months, I have gotten to know the Lab One individuals and with their consistent common values and a pursuit of better mentality, I can confidently say that they are the right partner for the Bottle Depot.”

D’Arcy Hipwell, the exiting founder and shareholder commented, “After founding the Bottle Depot in Victoria and Saanich over 28 years ago, I am extremely pleased to have Tyler Atkinson and Taylor Love continue to expand and increase the diversion of waste from Hartland landfill. Their experience and business acumen is of the highest level and I truly believe they will continue to provide the needed services for community fundraisers and to all of our valued customers. My sincere gratitude to all our loyal team members who will all continue on to help Tyler and Taylor grow the business”.

“The Bottle Depot is a stand-out performer in a fragmented and typically under-professionalized industry,” said Tyler Atkinson, Lab One Capital Managing Partner. “While an incredibly stable business at heart, we believe recent developments in AI, current ESG tailwinds, as well as the looming succession requirements prevalent amongst many depot owners today are creating an extremely exciting investment opportunity. We can’t wait to roll-up our sleeves and get to work!”

The acquisition of the Bottle Depot is the first in a series of strategic investments made by Lab One Capital in sustainable businesses and will be operating under their new flagship “Green Leaf” brand.