2019 BBNC Annual Report - Page 14

PARTNERSHIP FOCUS ROOTED IN THE SPIRIT OF OUR REGION For thousands of years, the people of Bristol Bay have worked together to forge new paths to the future. From sharing the catch to fueling local economies, forward thinking, collaboration and innovation have always been at the heart of our Native way of life, shaped by the place we call home. It was in this spirit of partnership and momentum that BBNC undertook its biggest initiative of FY2019: the sale of a majority interest in the Bristol Alliance of Companies (BAC) to Choggiung Limited, a Dillingham-based village corporation. This historic transaction was the first of its kind between an Alaska Native regional corporation and village corporation, allowing BBNC to deepen our commitment to in-region investment and mentorship. PROJECT AIPAQ: PARTNERSHIP & PLANNING Work on this groundbreaking partnership began several years ago, with BBNC searching for a partner in its ownership of BAC, a group of eight construction, environmental, and professional services companies focused primarily on federal contracting. “We started looking at new ways to help jumpstart a village corporation’s growth in the federal area,” said Sara Peterson, BBNC Senior Vice President, Deputy General Counsel, and Chief Compliance Officer. “The idea of a partnership presented an exciting opportunity to do that, and offer our expertise along the way.” BBNC Board Chairman Joseph Chythlook shakes hands with Choggiung Limited Board Chairman Jack Savo at the closing of Project Aipaq in Dillingham. 12 BBNC FY2019 ANNUAL REPORT