Don Southern began Atco Ltd. in 1946 when he noticed utility trailers for rent. Using his wife’s saving, he bought fifteen trailers and called his new venture Alberta Trailer Hire. In 1951 the Calgary-based company opened an Alberta Trailer Company sales lot in Edmonton. Within one decade, under the control of Don’s son, Ron Southern, Atco became the only firm able to supply instant housing to resource companies. In 1959 the company signed a multi-billion dollar contract with Boeing. In the 1960s the Southerns opened a subsidiary in Australia, established Atco Industrial Park in South Calgary, and became a public corporation listed on the Toronto Stock Exchange. When Atco became the main supplier of housing and facilities for the Trans Alaska Pipeline, it had the largest industry of its kind in the world.

In the 1970s Atco diversified: Atco Metal built oil field support buildings and cladding; Atco Components offered European craftsmanship in carpentry; and the Southerns bought large drilling, well-servicing, and oil field equipment companies in Canada and the United States. In addition, Atco Housing and Development became involved in land development and commercial real estate. In the 1980s, the company continued to expand as it acquired a controlling interest in Canadian Utilities Limited whose holdings included Canadian Western Natural Gas Company Limited, Alberta Power Limited, and Northwestern Utilities Limited.

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