Category: Economy

Anthem Properties Group has launched an initial public offering on its 66 storey, mixed-use development, Citizen, located in the heart of Metrotown in Burnaby, B.C.

Units in the IPO will be issued through the newly created Anthem Citizen Real Estate Development Trust.

CIBC Capital Markets will act as sole agent for the IPO and has successfully completed real estate development IPOs for US assets. Anthem anticipates raising up to $82 million which will be added to other funding sources already secured on the project. Officials stated that the partnership model on Citizen is not new to Anthem, who has financial partnerships on many of its projects.

“Policy changes, increased costs, shifting market cycles and more create an ongoing challenge for developers hunting for capital which requires innovative and creative thinking to get projects off the ground,” said Anthem core-founder & CEO, Eric Carlson. “Doing things differently is at the core of what we do at Anthem, and this IPO is a great way to continue to push the boundaries of what is possible and take a new approach to making housing happen.”

The project includes mix of market, rental and affordable homes, anchored by a hotel and supported by retail space. The project has rezoning approvals and entitlements complete, with construction expected to begin at the close of the offering.

In the thriving construction industry material suppliers play a crucial role, ensuring that materials, tools, and services that fuel the sector’s growth are where they need to be. These firms, ranging from plumbing suppliers to building material manufacturers, are a critical support piece in Canada’s construction supply chain.

As the sector faces challenges and opportunities, these companies are at the forefront of innovation and adaptation, helping to shape the future of construction in Canada. Let’s get to know some of them a little better.

Doman Building Materials Group Ltd.

Headquarters: Vancouver, B.C.

History: Formerly known as CanWel Building Materials, Doman was founded in 1989. The company has grown into one of Canada’s largest national distributors of building materials, hardware, and lumber products. In 2021, the company rebranded as Doman Building Materials Group to better reflect its diverse operations.

Recent News: In 2021, Doman expanded its operations by acquiring Hixson Lumber Sales and L.A. Lumber Treating, broadening its footprint in North America. Just this year that acquired assets from Southeast Forest Products.

Groupe BMR

Headquarters: Boucherville, Que.

History: BMR was founded in 1967 and has grown into a major retailer and distributor of building materials and hardware products, primarily serving Quebec and the Eastern Canadian market. A subsidiary of Sollio Groupe Coopératif, BMR includes more than 275 home renovation centers and hardware stores across Quebec, Ontario, and the Maritime provinces. In addition to its role as a wholesaler, Groupe BMR runs 14 corporate stores, primarily in the Greater Montreal area.

Recent News: In 2022, BMR launched its first fully automated distribution center in Varennes, Que., enhancing its logistics and distribution capabilities.

TimberMart

Headquarters: Mississauga, Ont.

History: Established in 1967, TimberMart is a national buying group that supports independent lumber and building material retailers across Canada. It provides members with access to a wide range of products and services to compete in the retail market. TimberMart says it is the largest national member-owned buying group in the country.

Recent News: TimberMart continues to expand its network of independent dealers, with recent partnerships to help small and medium-sized retailers compete with larger national chains.

RONA (Part of Lowe’s Canada)

Headquarters: Boucherville, Que.

History: Founded in 1939 as a cooperative of independent Quebec hardware retailers, RONA has become one of Canada’s largest home improvement retailers. It was acquired by Lowe’s in 2016, but the RONA brand remains a cornerstone of Lowe’s Canadian operations. It boasts a network of more than 375 stores includes both corporate stores and independent affiliated dealers.

Recent News: In 2023, Lowe’s announced plans to sell its Canadian operations, including RONA, to private equity firm Sycamore Partners. The move is aimed at streamlining Lowe’s global operations.

Taiga Building Products

Headquarters: Burnaby, B.C.

History: Taiga Building Products has been operating since 1973 and is one of the largest independent wholesale distributors of building materials in Canada. The company offers a variety of products, including lumber, panels, and insulation.

Recent News: Taiga has continued to expand its North American operations, acquiring new distribution centers and enhancing its product offerings, particularly in sustainable building materials.

Wolseley Canada

Headquarters: Burlington, Ontario

History: Wolseley Canada is a division of Ferguson PLC, one of the world’s leading distributors of plumbing and HVAC products. Established in Canada over 100 years ago, Wolseley serves contractors and retailers with plumbing, heating, and building materials.

Recent News: In 2023, Wolseley Canada launched several new e-commerce tools aimed at simplifying product orders for contractors and retailers, reflecting a growing trend toward digital solutions in construction.

Castle Building Centres Group

Headquarters: Mississauga, Ontario

History: Castle Building Centres was founded in 1963 as a buying group for independent lumber and hardware retailers. Today, it operates a network of over 300 locations across Canada, offering a wide range of building materials and home improvement products.

Recent News: Castle has been focusing on expanding its dealer network and providing marketing and digital support to independent retailers, allowing them to compete effectively with larger chains.

EMCO Corporation

Headquarters: London, Ont.

History: Founded in 1906 as the Empire Manufacturing Company Limited in London, Ontario, EMCO Corporation has grown to become one of Canada’s largest integrated distributors of products for the construction industry. With over 110 years of business success, EMCO has weathered two world wars and the Great Depression. The company operates through a network of over 250 Profit Centres across Canada, offering products in distinct categories such as plumbing, waterworks, industrial, and HVAC.

Recent News: In February 2024, EMCO Corporation announced a partnership with ALDES North America, a manufacturer of ventilation systems. This strategic alliance aims to expand EMCO’s presence in the Canadian residential market by offering a complete range of ventilation products across the country. 

Würth Canada

Headquarters: Guelph, Ontario

History: Würth Canada was founded in 1971 in Montreal as part of the global Würth Group, which originated in Germany in 1945. The company moved its headquarters to Mississauga in 1986, and then to a state-of-the-art facility in Guelph in 2014. Würth Canada has grown to become a major supplier of fasteners, tools, and other products for the automotive aftermarket, as well as expanding into the metalworking and construction industries.

Recent News: In February 2024, Würth Canada announced the opening of its first flagship store in North America, located in Vaughan, Ont. This new store features a 24/7 concept, allowing authorized business customers to access the store at any time using their Würth eShop account. Additionally, Würth Canada is pursuing an aggressive expansion plan, aiming to open 40 stores across Canada within the next five years as part of its strategy to become a national industrial distributor.

IHL Canada

Headquarters: Woodbridge, Ontario

History: IHL Canada was founded in 1985 by contractors for contractors, with the aim of helping construction businesses grow by providing exceptional products and services. For nearly four decades, the company has evolved and innovated within the construction industry. IHL Canada has focused on research and development to bring breakthrough products that combine technology with expertise to improve job site efficiencies and facilitate contractors’ work.

Recent News: In May 2024, IHL Canada announced its commitment to fighting against forced labor and child labor in supply chains, demonstrating the company’s focus on ethical business practices. Additionally, IHL Canada has been expanding its presence in Southern Ontario, with two modern stores serving the construction industry. The company operates locations in Woodbridge and Innisfil, providing extended hours of service to meet the needs of contractors.

MY Construction Supply

Headquarters: Brantford, Ontario

History: MY Construction Supply is a manufacturer and distributor of concrete accessories, fasteners, and building products. The company was founded with a focus on serving the construction industry, particularly specializing in providing supplies and accessories for forming and development companies working on large-scale projects across Canada. MY Construction Supply has positioned itself as a customer-oriented company, known for high-quality products, competitive pricing, and excellent customer service.

Recent News: MY Construction Supply continues to expand its operations. The company operates from a 30,000 square foot warehouse, which is continuously growing to meet the increasing needs of its clients. MY Construction Supply maintains a strong presence in the construction industry, particularly in the realm of high-rise condominiums, but also serves projects including low-rise condos, transit centers, and hospitals.

Star Building Materials

Headquarters: Winnipeg, Man.

History: Star Building Materials has been serving the construction industry for over 60 years. Founded in 1965 in Calgary, the company has grown to become a trusted supplier of building materials for residential and commercial builders, renovators, and homeowners. Star operates locations in Winnipeg and Calgary, offering a wide range of products including lumber, deck and fence materials, mouldings, tools, and more.

Recent News: In 2023, Star Building Materials continued to expand its presence in Southern Ontario. The company has been focusing on providing innovative solutions for the construction industry, including state-of-the-art technology for producing modern and efficient building materials.

Canada is one of the world’s largest producers and exporters of wood products, including lumber, plywood, and engineered wood. The country’s vast forest resources covering about 38% of our land area.

Wood products are essential in the Canadian construction industry, particularly in residential building. Wood is used for framing, flooring, roofing, and interior finishes due to its versatility, strength, and environmental benefits. Recent advancements in engineered wood products, such as cross-laminated timber (CLT), are expanding the use of wood in large-scale and high-rise construction.

We have put together a list of some of the nation’s biggest suppliers of wood products that enable the construction sector to keep building.

West Fraser Timber Co. Ltd.

Headquarters: Vancouver, British Columbia

Number of Mills: Over 60 mills across Canada, the U.S., and Europe

West Fraser Timber Co. Ltd., founded in 1955 in B.C., has grown to become one of the largest lumber producers in the world. The company operates over 60 mills across Canada, the U.S., and Europe, producing a wide range of wood products, including softwood lumber, plywood, OSB, and engineered wood. West Fraser has a strong focus on sustainable forest management and responsible operations. Recently, the company has been expanding its footprint through strategic acquisitions, including the purchase of Norbord in 2021, a global leader in OSB production. West Fraser continues to adapt to market demands, with ongoing investments in mill modernizations and environmental initiatives.

Canfor Corporation

Headquarters: Vancouver, British Columbia

Number of Mills: 26 sawmills across Canada, the U.S., and Europe

Established in 1938 and headquartered in Vancouver, Canfor Corporation is one of Canada’s largest integrated forest products companies, with operations in Canada, the U.S., and Europe. Canfor specializes in the production of softwood lumber, pulp, paper, and engineered wood products, serving markets worldwide. The company is known for its commitment to innovation and sustainable practices, including achieving 100% certification of its forest operations under internationally recognized standards. In recent news, Canfor has been navigating market volatility and environmental challenges, with efforts to diversify its product mix and expand into higher-value wood products, while also investing in green energy projects.

Resolute Forest Products

Headquarters: Montreal, Quebec

Number of Mills: 16 wood product facilities in Canada

Resolute Forest Products, with roots dating back to 1820, is a global leader in the forest products industry, headquartered in Montreal. The company operates 40 facilities across North America, including 16 wood product mills in Canada, producing a diverse range of products, including market pulp, tissue, wood products, and paper. Resolute is recognized for its sustainability initiatives, including responsible forest management and significant reductions in greenhouse gas emissions. In recent years, Resolute has focused on restructuring its operations to improve profitability, including the sale of its Fort Frances mill in 2021 and continued investments in tissue production. The company remains a key player in the North American wood products market.

Interfor Corporation

Headquarters: Vancouver, British Columbia

Number of Mills: 21 sawmills across North America

Interfor Corporation, founded in 1963 and based in Vancouver, is one of the largest lumber providers globally, with 21 mills across North America. Interfor’s operations span British Columbia, Ontario, Quebec, and the U.S. South, producing a wide array of wood products, including softwood lumber and engineered wood. The company has a strong reputation for efficiency and product quality, supported by continuous investments in modernizing its facilities. Interfor has been active in expanding its operations, including the recent acquisition of four sawmills from Georgia-Pacific in 2021, positioning it as a major player in the North American lumber market.

Tolko Industries Ltd.

Headquarters: Vernon, British Columbia

Number of Mills: 14 wood product facilities in Canada

Founded in 1956 and headquartered in Vernon, British Columbia, Tolko Industries Ltd. is a family-owned company that has grown into a significant player in the North American wood products industry. Tolko operates 14 wood product mills across Western Canada, producing lumber, plywood, OSB, and engineered wood products. The company is known for its commitment to sustainable forestry and community engagement. Tolko has recently focused on diversifying its product offerings and improving operational efficiencies. In 2023, Tolko made headlines with the launch of a new mass timber facility, positioning itself as a leader in the growing market for sustainable building materials.

Weyerhaeuser Company

Headquarters: Seattle, Washington (U.S.)

Number of Mills: 35 manufacturing facilities in North America, including in Canada

Weyerhaeuser, founded in 1900 and based in Seattle, Washington, is one of the largest private owners of timberlands in the world, with significant operations in Canada. The company manages over 13 million acres of timberland and operates 35 manufacturing facilities across North America, including in Canada, producing a wide range of wood products, including softwood lumber, OSB, and engineered wood products. Weyerhaeuser is known for its strong environmental stewardship and innovative approach to forest management. Recently, the company has focused on expanding its presence in the Canadian market, particularly in Alberta and British Columbia, while also investing in sustainable forestry practices and renewable energy initiatives.

J.D. Irving, Limited

Headquarters: Saint John, New Brunswick

Number of Mills: 11 sawmills in Eastern Canada

J.D. Irving, Limited, established in 1882 and based in Saint John, New Brunswick, is a diversified conglomerate with extensive forestry operations in Eastern Canada. The company operates 11 sawmills and wood product manufacturing facilities, supplying lumber, plywood, and other wood products to the construction industry. J.D. Irving is committed to sustainable forest management, with over one million acres of forest land under its care. The company has been involved in several initiatives to reduce its environmental footprint, including reforestation efforts and investments in energy-efficient technologies. In recent news, J.D. Irving has been expanding its operations, including the modernization of several mills to increase capacity and improve product quality.

Eacom Timber Corporation

Headquarters: Montreal, Quebec

Number of Mills: 8 sawmills and 1 engineered wood products facility in Canada

Eacom Timber Corporation, founded in 2008 and headquartered in Montreal, is a major producer of softwood lumber in Eastern Canada. Eacom operates eight sawmills and one engineered wood products facility, primarily in Ontario and Quebec. The company has a strong commitment to sustainable forestry and is certified under several environmental standards. In 2021, Eacom was acquired by Interfor Corporation, which has since integrated Eacom’s operations into its own, further expanding its presence in the Eastern Canadian market. Eacom continues to play a vital role in supplying wood products to the construction industry, with a focus on high-quality lumber production.

Domtar Corporation

Headquarters: Fort Mill, South Carolina (U.S.)

Number of Mills: 12 manufacturing facilities in Canada

Domtar Corporation, originally founded in 1848 as Dominion Tar and Chemical Company, has evolved into a leading provider of fiber-based products, including pulp, paper, and wood products. Headquartered in Fort Mill, South Carolina, Domtar operates in Canada primarily through its wood products division in Quebec and Ontario. Domtar operates 12 manufacturing facilities in Canada. The company is known for its strong commitment to sustainability and innovation in manufacturing processes. In recent years, Domtar has undergone significant restructuring, including the divestment of its personal care business in 2021 to focus on its core pulp and paper operations, while also exploring opportunities in bio-based products and renewable energy.

Tembec Inc. (now part of Rayonier Advanced Materials)

Headquarters: Jacksonville, Florida (U.S.)

Number of Mills: 14 facilities in Canada, including sawmills and pulp mills

Tembec Inc., founded in 1973 in Quebec, was a major player in the Canadian forestry industry, known for its production of lumber, pulp, and paper. In 2017, Tembec was acquired by Rayonier Advanced Materials, a global leader in cellulose-based products, now headquartered in Jacksonville, Florida. The company’s operations have since been integrated into Rayonier’s, with a focus on producing high-purity cellulose, paperboard, and lumber. Rayonier manages 14 facilities in Canada, including sawmills and pulp mills. Tembec’s legacy in sustainable forestry continues under Rayonier, with significant investments in environmental stewardship and energy efficiency. The company has also been expanding its product offerings to include more value-added wood products, catering to the growing demand for sustainable materials in the construction industry.

Key Takeaways:

• A prolonged rail worker strike could severely impact the Canadian economy. Some experts say it has the potential cause a recession.
• The construction industry is highly dependent on a healthy economy to generate demand.
• There is significant pressure on the federal government to intervene and prevent the strike.

The Whole Story:

The federal government is facing pressure to help avoid a rail worker strike set to begin on Aug. 22 that could cripple the Canadian economy.

Jock Finlayson, chief economist at the Independent Contractors and Businesses Association (ICBA), explained that a protracted rail strike could be devastating to the construction sector. The initial impact of not being able to receive materials would pale in comparison to the effects it would have on drive demand.

“The Canadian economy is barely growing right now. If this ballooned into a multi-week shutdown, it would likely throw us into a recession,” Finlayson said. “This is in the federal government’s bailiwick. It is their responsibility and they need to use all the tools.”

Finlayson noted that Canada exports more than $700 billion of goods every year, and it import goods worth almost as much. Both exports and imports are vital part of Canada’s $3 trillion national economy. Many traded goods, at some point, are moved by rail. Today, some $380 billion of goods are shipped by Canadian rail carriers every year.  He noted that avoiding a strike is particularly important right now as the economy is posting very sluggish growth and Canada’s prosperity is declining as measured by real GDP per capita.

“in recent years, Canada’s ranking in global competitiveness surveys has been slipping, and our reputation as a reliable and efficient supplier of traded goods has suffered one blow after another,” said Finlayson. “A rail strike would compound these problems, potentially doing incalculable harm to our economy.”

CN Rail, CPKC and Teamsters must do the hard work necessary to reach agreements at the bargaining table and prevent a full work stoppage.

My statement on their ongoing negotiations: pic.twitter.com/ABbKLaQBIt

— Steven MacKinnon (@stevenmackinnon) August 19, 2024

He explained that the construction industry ultimately depends on a vibrant, productive and growing Canadian economy to create demand for the work done and the services provided by it. 

“If the economy stalls, falters and is rendered less efficient as a result of labour disputes, construction companies and their workers will suffer,” he said.

The federal government also faced criticism from officials in Alberta, who accused Ottawa of creating a labour crisis.

“First the British Columbia ports, then WestJet, now the railways. It is one strike after another,” said Devin Dreeshen, Alberta’s minister of transportation & economic corridors. “These continuous strikes are eroding Canada’s reputation around the world as a reliable trading partner. The federal government must fix the labour problems it has created and exercise its responsibility to ensure labour stability within federally regulated transportation workplaces.”

Federal Labour Minister Steven MacKinnon released a statement Monday saying that collective bargaining negotiations belong to CN Rail, CPKC and TCRC workers alone, but their effects will be borne by all Canadians.

“The parties must do the hard work necessary to reach agreements at the bargaining table and prevent a full work stoppage. Canadians expect the parties’ efforts to be equal to the trust conferred on them,” he said.

After negotiations collapsed, 9,000 unionized rail workers from the Teamsters Canada Rail Conference (TCRC) are set to walk off the job, effectively bringing the nation’s rail system to a standstill and disrupting a critical link in the supply chain for nearly everything.

Parties involved, include:

• Teamsters Canada Rail Conference (TCRC): The union representing over 9,000 rail workers at both major Canadian railways.
• Canadian National Railway (CN): One of Canada’s two major freight rail companies.
• Canadian Pacific Kansas City (CPKC): The other major Canadian freight rail company, formed in 2023 through a merger.
• Federal Government: Represented by Labour Minister Steven Mackinnon, who has called on the parties to negotiate but has not indicated willingness to intervene directly.

The main points of contention between the union and the rail companies include:

• Safety and Fatigue: The union claims both companies are trying to reduce safety provisions related to worker fatigue.
• Work Conditions: CN is accused of proposing changes that would require workers to relocate across Canada for extended periods.
• Contract Negotiations: Labor agreements for both railway companies expired at the end of 2023, and negotiations have been ongoing since then.

The impact of strikes can have on Canada’s construction industry and the broader economy are massive. A 2023 strike by port workers in B.C. reduced Canada’s gross domestic product by between $730 million and $980 million, and affected merchandise shipments having a total value of $10 billion.

The strike caused major delays in receiving construction materials and equipment imported through the Port of Vancouver. Many construction projects faced shortages of essential supplies, leading to slowdowns or temporary halts in work.

But Finlayson noted that a rail strike would be vastly larger in scale.

“We are talking about the entire national freight network,” he said. “This country is incredibly dependent on linear infrastructure, including rail. We are geographically huge and need efficient transportation infrastructure operating 24/7. The federal government needs to do its job.”

Key Takeaways:

• Over two-thirds of Ontario small businesses have been disrupted by local construction projects in the past five years, with 23% reporting major impacts.
• These disruptions have led to an average revenue loss of 25% during the most significant projects and additional costs of around $10,000 for cleaning and repairs.
• The top issues faced by these businesses include traffic congestion, dust, noise, difficulties in customer and staff access, logistical disruptions, and decreased sales, all of which contribute to significant stress for business owners.
• The CFIB is advocating for government compensation for businesses severely impacted by public construction projects.

The Whole Story:

According to new analysis by the Canadian Federation of Independent Business (CFIB) over two-thirds (67%) of Ontario small businesses have experienced disruptions due to local construction projects in the past five years, and 69% have been affected by multiple projects during the same period.

The report, titled Hard hats and hard times: Public construction impacts on small businesses, found that of small- and medium-sized enterprises in Ontario that were affected, 23% (or 104,362) report that construction disruptions have had a major impact on their business. On average, Ontario small firms have been forced to endure 481 days of construction-related disruptions, which represents 26% of the time over the past five years.  

“Infrastructure needs continue to increase with our growing population and aging infrastructure,” said Julie Kwiecinski, CFIB’s director of provincial affairs for Ontario. “Everyone – including small business owners – loves a finished project, but small firms have to survive to the project’s end before they can benefit.”

“Small businesses face a myriad of issues when local construction projects take place, from traffic congestion and dust and debris, to losing customers and navigating logistical disruptions,” said Emily Boston, CFIB senior policy analyst and an author of CFIB’s report. “A large portion of construction costs can be avoided with better planning and execution, and by giving more consideration to the realities of local businesses.”  

Ontario small firms lost on average 25% of their revenues during the most significant construction project affecting them over the past five years, and on top of that, spent around $10,000 in extra expenses such as cleaning and repairs. 

While each construction project is unique in its duration, scale and disruptiveness, the top construction impacts affecting Ontario small businesses are traffic congestion, dust, debris or noise (61%), customers and staff having trouble accessing their business or finding parking (52%), delivery and logistics disruptions (49%), sales decreases (42%), and business owners suffering significant stress (25%).  

Over two-thirds (69%) of Ontario small businesses say they should be compensated by government when a public construction project has a major impact on their business operations. CFIB urges governments to establish comprehensive construction mitigation plans with compensation to offset costs for impacted businesses, improved planning and communication strategies, and clarified roles for all levels of government involved.  

“In Ontario, we’re asking the province to create a clear legal path for municipalities to provide direct funding or property tax holidays to small businesses for revenue losses caused by major municipally-funded construction projects,” said Kwiecinski. “At the same time, the Ontario government should introduce a small business construction mitigation fund for provincially-funded and controlled construction, like Metrolinx transit projects.” 

*Editor’s Note: Emails, video calls, regular calls, paperwork, site visits—most construction professionals don’t have hours to go through press releases and news articles detailing the latest business deal in the industry. But we do. Each month we distill all that information into a pure, concentrated product called Business Moves. 

WSP has agreed to acquire POWER Engineers, a U.S. consulting firm specializing in the power and energy sector, for $2.44 billion. WSP officials stated that the acquisition will position them at the forefront of the energy transition. Based in Hailey, Idaho, POWER has approximately 4,000 employees, including approximately 900 shareholders.

Flatiron and Dragados have announced plans to merge operations in North America, powering the two companies’ joint growth potential in the market. ACS Group and HOCHTIEF, the respective owners of Dragados and Flatiron, have agreed on key terms for the combination of the two companies, with ownership of the integrated company held 61.8% by ACS Group and 38.2% by HOCHTIEF. The company will be managed by Peter Davoren as chairman (in addition to his current role as chairman, CEO & resident of Turner) and the current CEO of Flatiron, Javier Sevilla, as CEO. The transaction closing is expected during the second half of 2024.

Arkansas-based Montrose Environmental has acquired Paragon Soil & Environmental Consulting. Headquartered in Edmonton, Paragon’s work spans across Western Canada, bolstering Montrose’s presence in the region while adding additional environmental expertise in select soil and reclamation services. The acquisition also includes Paragon’s active limited partnership, Paragon Infinity which is operated in conjunction with Infinity Métis Corp., a wholly owned Indigenous corporation with the McMurray Métis Local 1935 community in the Wood Buffalo region in northeast Alberta.

Paragon’s partnership with Infinity Métis Corp. is aligned with our commitment to Indigenous relations in the communities where we live and work. We look forward to future involvement with projects in Alberta that provide a material benefit for the local Indigenous community.

Vijay Manthripragada, President and Chief Executive Officer of Montrose Environmental Group

Boundary Electric has been acquired by SABRE and Ampere Alliance. Boundary has 77 years of experience in electrical integration and manufacturing. With offices in Grand Forks and Trail, B.C., Boundary is known for its expertise in supplying low, medium, and high voltage transformers, designing unitized substations and switchgear, and providing advanced solutions for Crypto and AI data centers.

This strategic acquisition, which adds to Ampere Alliance’s existing portfolio of SABRE and Summit Electric, strengthens our capabilities in the data center and high voltage sectors, reinforcing our commitment to driving the green energy transition and meeting the evolving needs of the High Power Computing industry.

SABRE

Vancouver-based Mercer International Inc., a market pulp and solid wood products company, has expanded its reach into the mass timber industry with the launch of a new installation division under its U.S. subsidiary, Mercer Mass Timber LLC. The new division, Mercer Mass Timber Construction Services, based in Spokane Valley, Washington, offers on-site installation and project consulting to support clients transitioning to mass timber construction.

ACCIONA has acquired Darby International Capital’s high-voltage transmission line business in Peru for €220 million, strengthening its position in Latin America. The acquisition includes over 1,200 kilometres of transmission lines and 30 substations, as well as the 30-year concession project “Machupicchu-Quencoro-Onocora-Tintaya,” which will enhance electricity connectivity in southern Peru by 2028.

EllisDon has announced the addition of a new Technology Ecosystem Strategic Partner, Crewscope. The productivity application aligns hourly incentives with project outcomes to increase employee engagement. This announcement follows recent additions of both StruxHub and Touchplan to cement EllisDon’s long-term technology strategy, led by the Data & Digital Engineering Division.

NEXII Inc. has completed the acquisition of Nexii Building Solutions’ assets setting the stage for the relaunch of NEXII’s products. NEXII specializes in precision-manufactured structural wall and roof panel systems for the building industry, addressing rising construction costs, the demand for shorter schedules, and the need for a reduced carbon footprint. 

Alberta-based energy company, Pieridae Energy Ltd., has sold its assets on Nova Scotia’s Eastern Shore, where it had once planned to build a natural gas export facility, to an Irish company interested in pursuing a renewable energy project. The $12-million sale includes 108 hectares of coastal property in Goldboro, Guysborough County, along with a construction permit granted by the Nova Scotia Utility and Review Board, which approved the permit’s transfer earlier this month. Pieridae had spent over a decade working on plans to develop a natural gas liquefaction plant to pipe in gas from across North America before reconsidering the project last year.

Global diversified professional services and investment management company, Colliers has acquired Englobe Corporation, a multi-discipline engineering, environmental and inspection services firm for US$475 million. Englobe’s senior leadership team and employee shareholders will remain shareholders in the business under Colliers’ unique partnership model. Headquartered in Laval, Que., Englobe’s 2,800 professionals provide civil, buildings, geotechnical, and environmental engineering, material testing and related consulting services to public and private sector clients primarily in the transportation, water, buildings, and power end markets.

TC Energy Corporation has announced an equity interest purchase agreement with an Indigenous-owned investment partnership for a minority equity interest of 5.34% in the NGTL System and the Foothills Pipeline assets for a gross purchase price of $1 billion. This partnership will enable up to 72 Indigenous Communities closest to the partnership assets to become equity owners in the 25,000-kilometre highly integrated network of natural gas infrastructure assets spanning western Canada.

Cloverdale Paint has a new exclusive distribution agreement with Tnemec Company, Inc., a 100 year-old manufacturer of heavy duty industrial coatings for oil & gas, chemical, petrochemical, water & wastewater treatment, water storage, industrial process, resinous flooring, and high performance architectural metal and masonry. Cloverdale will have exclusive distribution rights for B.C., Alberta, Saskatchewan, Manitoba, Yukon and North West Territories. 

We are excited to be expanding our product range and customer reach with this new partnership.  Tnemec is a company we have known and respected for years and this is an excellent fit for our business and our customers

Tim Vogel, Chairman and CEO of Cloverdale Paint

Full-service technology consulting firm SiteTechnology has officially launched to serve the industrial sector. The firm is focused on building long-term partnerships with clients, helping them identify and implement technology solutions that make a real difference to their bottom-line. If you are interested in learning more about SiteTechnology and starting your digital journey, visit SiteTechnology.com

Turner Construction Company has agreed to acquire 100% of Dornan Engineering Group, a specialist mechanical, electrical, instrumentation and commissioning engineering contractor with operations in Ireland, the UK, Continental Europe, and the Nordics. Dornan delivers services on complex large-scale projects for blue-chip clients in the advanced technology sector, including data centers and biopharma facilities.

WZMH Architects has launched of Giraffe, an independently owned software company dedicated to revolutionizing the architectural-engineering-construction sectors. Although Giraffe draws on WZMH’s extensive industry expertise, it operates as a separate entity with its own software suite designed to enhance efficiency, sustainability, and collaboration in building design and construction.

Giraffe isn’t just about envisioning the future; we’re building it with solutions born from deep industry understanding and not just IT expertise. With the DNA of Giraffe rooted in WZMH Architects, we bring over 60 years of experience, more than 250 million square feet of designed and constructed buildings, and over 10 million hours of IP production and expertise.

Giraffe

 Darabase Canada, a technology company specializing in immersive media for the spatial web, has forged a strategic partnership with Venturon Ltd., a Canadian-owned investment group focused on real estate technology start-ups. With the rise of augmented reality (AR) enabled devices and advances in the spatial web, the two companies will collaborate to unlock new value for property owners across Venturon’s client and partner network.

Ontario-based Algonquin Power & Utilities Corp has agreed to sell its renewable energy business, excluding its hydropower assets, to developer and independent power producer LS Power for up to US$2.5 billion.

Calgary’s Carbon Upcycling, a decarbonization and carbon capture & utilization technology provider for hard-to-abate industries, has achieved B Corporation certification by the B Lab. The prestigious recognition underscores Carbon Upcycling’s ongoing commitment to meeting rigorous standards of social and environmental performance, transparency and accountability and deep commitment to being a powerful force for good.

Key Takeaways:

• WSP has agreed to acquire POWER Engineers, a U.S. consulting firm specializing in the power and energy sector, for $2.44 billion.
• The acquisition of POWER Engineers is expected to enhance WSP’s existing core sectors—transport and infrastructure, property and buildings, and earth and environment—while creating new cross-selling opportunities and driving accelerated growth in the power and energy sector.
• The acquisition is a key step in WSP’s long-term strategy to lead the global energy transition.

The Whole Story:

Global professional services firm WSP has entered into an agreement to acquire POWER Engineers, a U.S. consulting firm that focuses on the power and energy sector, for $2.44 billion.

WSP stated that POWER stands out with its nearly 50-year legacy of innovation and technical excellence, a highly respected brand, and a reputation for delivering on complex projects. Based in Hailey, Idaho, POWER’s team of approximately 4,000 employees, including approximately 900 shareholders, has a track record of serving the most prominent power utilities in North America.

The proposed acquisition is a strategic move in alignment with WSP’s vision to expand and enhance its power and energy services.

Once the proposed acquisition is closed, the integration of POWER is expected to complement WSP’s existing three core sectors: Transport and infrastructure, property and buildings, and earth and environment; it will also create extensive cross-selling opportunities. WSP officials noted that welcoming POWER to their power and energy platform, which will be led globally by Holger Peller, the current president and COO of POWER, is anticipated to drive accelerated growth.

WSP officials stated that the proposed acquisition underscores WSP’s commitment to its long-term vision and 2022-2024 Global Strategic Action Plan, marking a pivotal step in building a leading global power and energy franchise.

“The acquisition will mark a transformative step that will position us at the forefront of the energy transition. This opportunity brings forth a wealth of strategic benefits, including an expanded suite of innovative solutions for our clients and continuous professional growth opportunities for our employees,” commented Alexandre L’Heureux President and Chief Executive Officer of WSP. “By uniting WSP’s extensive global network and POWER’s deep technical expertise, we are poised to provide exceptional solutions and service quality to foster significant advancements in the communities we serve. The trust of our shareholders and our commitment to excellence will empower us to influence the future of the energy sector as we plan to expand our reach and power a sustainable future across the globe.”

Also commenting on the Acquisition, Jim Haynes, Chief Executive Officer of POWER said: “POWER and WSP truly are stronger together. By joining forces, we can supercharge our ability to help clients and communities around the world adapt to the changing energy landscape—and provide more opportunities for our team members to work on the most challenging projects. We’re looking forward to building success together with WSP.”

Key Takeaways:

• Flatiron and Dragados, owned by ACS Group and HOCHTIEF respectively, are merging to form one of the largest civil engineering and construction firms in North America.
• The merged company, Flatiron Dragados, will be owned 61.8% by ACS Group and 38.2% by HOCHTIEF.
• The integrated business has a backlog of USD 17.2 billion as of H1 2024, with revenue of USD 6.1 billion in 2023 and USD 3.1 billion in H1 2024. It operates in 24 U.S. states and eight Canadian provinces.
• The merger aims to create significant synergies and economies of scale, offering a strong platform for organic growth in North America.

The Whole Story:

Two North American construction giants are merging to create one of the largest civil engineering and construction firms on the continent. 

Flatiron and Dragados have announced plans to merge operations in North America, powering the two companies’ joint growth potential in the market. 

ACS Group and HOCHTIEF, the respective owners of Dragados and Flatiron, have agreed on key terms for the combination of the two companies, with ownership of the integrated company held 61.8% by ACS Group and 38.2% by HOCHTIEF. The company will be managed by Peter Davoren as chairman (in addition to his current role as chairman, CEO & resident of Turner) and the current CEO of Flatiron, Javier Sevilla, as CEO. The transaction closing is expected during the second half of 2024.

The integrated business has a backlog of USD $17.2 billion H1 2024, with revenue of USD 6.1 billion in 2023 and USD 3.1 billion in H1 2024. It has a long-standing presence in 24 states of the United States and eight Canadian provinces.

“Bringing together Flatiron and Dragados creates a strong platform for organic growth in North America,” said Juan Santamaría, CEO of HOCHTIEF. “They have the expertise, the long-term clients and are geographically complementary, providing significant synergies and economies of scale. We differentiate our commercial offering through our superior technical resources and skills.”

Santamaría added that Flatiron and Dragados North America employees have a long history of working together.

“The new company will have the most respected and recognized value proposition in its sectors, having delivered renowned projects across the United States and Canada, and can look forward to an even stronger future,” he said.

The company, named Flatiron Dragados, will continue to serve clients across its existing markets and support strong community and stakeholder relationships.

The company’s order backlog of USD 17.2 billion H1 2024 is weighted towards collaborative projects, with approximately 40% secured under this model.

Officials explained that the transformation into a new entity creates synergies and economies of scale. The simplified structure will ensure a consistent approach to operations, including tender processes, procurement strategies and risk management, and be value accretive for shareholders of ACS Group and HOCHTIEF.

The integrated company has a strong track record in civil engineering and construction (including roads and bridges, airports, railways, ports, dams and water treatment plants as well as tunneling projects).

Recently, through a joint venture, the companies have been working on the $1.2-billion Harbor Bridge project in Corpus Christi, Texas. It is currently slated for completion in 2025.

Key Takeaways:

• Out of 188 local governments, 162 have passed the necessary bylaws to comply with the new legislation, with nine more actively working on it.
• Fifteen communities have requested extensions beyond the June 30, 2024, deadline, with two communities, the District of Wells and the Northern Rockies Regional Municipality, granted extensions due to wildfire impacts.
• The legislation is part of a broader effort to address the housing crisis by creating more diverse and attainable housing options.

The Whole Story:

Provincial legislation to fix outdated zoning rules and create more small-scale multi-unit homes (row homes, triplexes and townhouses) has now been adopted into local bylaws, or will soon be adopted, by almost 90% of communities throughout B.C.

“People expect governments to work together to tackle the housing crisis and provide more homes for people,” said Ravi Kahlon, minister of housing. “We are encouraged that the vast majority of local governments have worked hard to adopt much-needed provincial legislation to fix old zoning rules and deliver the types of homes that people need.”

Out of 188 local governments in B.C., 162 have adopted the small-scale multi-unit legislation by passing local bylaws, with another nine communities actively working to adopt the legislation.

Local governments were required to make changes to zoning bylaws by June 30, 2024, to allow either a minimum of one secondary suite or detached accessory dwelling unit; a minimum of three to four dwelling units; or a minimum of six dwelling units in areas near bus stops with frequent transit service, depending on location.

Fifteen communities have requested a formal extension on adopting the legislation beyond the June 30, 2024, deadline. Those requests are being reviewed by the Province. Two communities, the District of Wells and the Northern Rockies Regional Municipality, have been granted an extension due to recent or current impacts of wildfire and evacuation orders.

One community, the District of West Vancouver, rejected passing bylaw amendments and is currently not in compliance with small-scale multi-unit housing legislation. This community has been sent a 30-day non-compliance notice. At the end of that 30 days, a ministerial order could be issued.

A full listing of bylaw compliance and requested extensions by community is available in backgrounders.

In the coming months, the Province will evaluate the implementation of the legislation by local governments to ensure its success in helping to deliver more small-scale multi-unit homes.

In November 2023, the Province passed housing legislation to help deliver more small-scale multi-unit housing in communities. In December 2023, the Province also provided local governments with regulations and a policy manual to support the implementation of the legislation with a deadline for local governments to amend local bylaws by June 30, 2024.

According to the Province, small-scale multi-unit housing creates more options for the kinds of housing people are looking for, whether it is seniors looking to downsize while staying in their neighbourhoods, or young families searching for more attainable homes with outdoor spaces for pets, children and gardens.

Key Takeaways:

• The Holdom Overpass project aims to address two main goals: increasing rail capacity for the Port of Vancouver and improving traffic flow and safety for the Burnaby community. 
• The overpass will create safer and more reliable travel options for pedestrians, cyclists, commuters, and emergency responders. It will also improve connections to the Holdom Skytrain station and greenway areas south of the rail tracks.
• The rail corridor moves more than 40 million metric tonnes of export cargo, accounting for more than 40% of the port’s total international exports in 2023. 
• Work will begin later in late 2024.

The Whole Story:

Work will soon begin on a $200-million overpass project in Burnaby, B.C.

The Port of Vancouver announced that the construction of a new four-lane overpass crossing the rail lines at Holdom Avenue in Burnaby will begin in late 2024. The Vancouver Fraser Port Authority is delivering the Holdom Overpass project in partnership with the City of Burnaby, CN, and the Government of Canada.  

The overpass will extend Holdom Avenue south over the rail corridor and Still Creek, connecting it with Douglas Road. Once complete, there will be an increase of rail capacity for Port of Vancouver terminals, supporting the reliable movement of goods through the region, and improved traffic flow and safety for the Burnaby community.   

“By investing in projects like the Holdom Overpass, we’re addressing current transportation needs, supporting our supply chains to make life cost less for Canadians, and also building the infrastructure to support vibrant, growing communities that are great places to work, live, and raise a family,” said Pablo Rodriguez, minister of transport.   

The rail corridor through Burnaby is the only rail connection to transport goods and commodities to and from port terminals located in North Vancouver, a vital link in the national supply chain that connects Canadian products like grain and fertilizer to global markets. The rail corridor moves more than 40 million metric tonnes of export cargo, accounting for more than 40% of the port’s total international exports in 2023. 

The City of Burnaby identified the Holdom Overpass as an important solution to provide better access and improve safety for cyclists, pedestrians, commuters, and first responders as part of its transportation plans. The Holdom Overpass active transportation facilities will improve connections to the Holdom Skytrain station, which is a main hub for cyclists and pedestrians, making travel from the Skytrain station to areas south of the rail tracks — such as the Central Valley Greenway — safer, faster, and more reliable. 

Canada’s trade through the region is growing, and the project is designed to mitigate the impacts of trade on those who live, work and commute in Burnaby. It will provide significant community benefits, including improved safety and traffic flows, reduced greenhouse gas emissions from less idling traffic at the existing crossing, better community access by creating more reliable travel times, and better emergency response options.  

The project will add to the rail improvements completed by CN in 2022, which included updates to the Thornton Tunnel to reduce the time between trains travelling through the tunnel and a new rail siding track running from Willingdon Avenue to Piper Avenue.  

The port authority has previously completed two phases of public engagement and continuous First Nations consultation, and input from these efforts has helped shape the overpass design. Public space surrounding the overpass will include First Nations cultural recognition, public art, and improved landscaping in the Still Creek and Beecher Creek areas. 

The road enhancements are part of the Burnaby Rail Corridor Improvements Project, a series of road and rail improvements to increase transportation efficiency and trade capacity through Port of Vancouver terminals on the North Shore. The Burnaby Rail Corridor Improvements Project is funded by the Government of Canada, through its National Trade Corridors Fund, the port authority, and CN.  

A great idea isn’t worth much if you don’t have the resources to make it a reality.

That’s a problem venture capital firms solve. They invest in young companies with high growth potential, and often can provide guidance to help them succeed. Recent years have seen many firms rise up with a specific focus on fostering innovation in the construction sector, highlighting how much opportunity exists.

Be sure to take note of the companies on this list as there is a decent chance construction’s next big tech breakthrough comes from one of them.

Ironspring Ventures

Based in Austin, Texas, Ironspring Ventures focuses on companies across the industrial supply chain, including construction, manufacturing, transportation & logistics, and alternative energy. Founded in 2020, they’ve raised over $160 million across two funds to invest in Seed and Series A rounds. They look for companies with the potential to improve productivity and solve challenges in these industries through automation and technology. They partner with their portfolio companies by leveraging their network of industrial experts and strategic investors.

Notable investments:

• ICON
• Fast Radius (Exited)
• Harbinger
• Plus One Robotics
• OneRail
• Assignar

Brick & Mortar Ventures

Brick & Mortar Ventures is a venture capital firm headquartered in San Francisco, California, founded in 2015. They focus on investing in early-stage companies that develop innovative software and hardware solutions for the industries that make up the built world. This includes Architecture, Engineering, Construction, and Facilities Management (AEC/FM). They aim to disrupt the traditional methods used in these industries by backing entrepreneurs who are creating new technologies. Brick & Mortar Ventures has a notable track record with past investments in companies like PlanGrid, BuildingConnected, and BuildZoom. Their funding comes from institutional investors, and they have a dedicated team with experience in both venture capital and the AEC/FM industries.

Notable investments:

• PlanGrid
• BuildingConnected
• BuildZoom
• Fieldwire
• Levelset (formerly Zlien)
• Rhumbix

Builders VC

Founded in 2014, Builders VC is another San Francisco venture capital firm specializing in early-stage investments. They target tech startups aiming to modernize established industries (construction included). Builders VC focuses on Seed and Series A funding rounds, but also participates in later stages. Their sweet spot lies in Enterprise Applications and high-tech solutions, although they also invest in sectors like healthcare, sustainability, and food & agriculture technology. For their efforts in the construction world, they have brought on venture partners with deep construction industry experience. Steve Dell’Orto, formerly a senior executive at Clark Construction, joined Builders VC to leverage his expertise and guide construction investments.

Notable investments:

• Fieldwire
• Modumate
• Camino Technologies
• DOZR
• Mercator.ai
• Foresight
• Bowery

HOLT Ventures

As the investment arm of HOLT Cat, the largest Caterpillar tractor and engine dealer in the U.S., HOLT Ventures aims to be an engine that powers construction innovation. in early-stage technology companies that can benefit the industrial and manufacturing sectors, particularly those that can optimize and improve the services offered by Holt CAT. This includes areas like construction technology, manufacturing process improvement, rental/distribution solutions, business productivity software. Their team primarily focuses on Seed and Series A funding rounds. They look for companies with innovative solutions that address challenges faced by their parent company, Holt CAT, and its customers. They also have active partnerships with many others on this list, including Ironspring, Building Ventures and Blackhorn Ventures

Notable investments:

• Document Crunch
• Skillit
• PLNAR
• Streamline
• Suppli
• RodRadar
• Voze
• Camp Six
• Document Crunch

Fifth Wall

Fifth Wall is one of the world’s leading venture capital firm dedicated to propelling the real estate industry forward through technology. Based in Los Angeles, they focus on innovative companies tackling critical challenges that impact the built environment. Climate change, aging infrastructure, inaccessible housing markets, and unreliable supply chains are just a few areas they address. Fifth Wall is backed by a global mix of more than 100 strategic limited partners from more than 15 countries, including BNP Paribas Real Estate, British Land, CBRE, Cushman & Wakefield, Hilton, Host Hotels & Resorts, Kimco Realty Corporation, Lennar, Lowe’s Home Improvement, Marriott International, MetLife Investment Management, MGM Resorts, Related Companies, Starwood Capital, Toll Brothers, and others.

Notable investments:

• Aurora Solar
• ICON
• SPAN
• VTS
• SOLARCYCLE
• NZero
• SPAN
• Soly
• Pacaso

MetaProp

Founded in 2015, MetaProp’s investment team has invested in over 150 technology companies across the real estate value chain. They claim to be the world’s largest early-stage PropTech portfolio. The firm manages funds for both financial and strategic real estate investors that represent a pilot- and test-ready sandbox of 20+ billion square feet across every real estate asset type and global market. Their partners include construction gians like Bosa Properties and Altus Group. They also run the MetaProp Bridge at Columbia University program. Each year, between six and eight of the best technology-driven real estate industry ideas are selected to participate in intensive education, mentorship, and growth hacking programs, culminating in exclusive Graduation Defense panels, Roadshows, and Demo Days for partners, investors, VCs, and media. 

Notable investments:

• Skillit
• Briq
• AirWorks
• Trestle
• BuildOps
• OnsiteIQ
• TracFlo
• Urbint
• Mapped
• Kwant

Building Ventures

Building Ventures is a venture capital firm with a specific focus on the built environment. More specifically, they target companies that develop solutions that impact how we design, build, operate, and experience our physical surroundings. This could include anything from construction technology to sustainable building materials. Building Ventures doesn’t just want cookie cutter companies. They say they prioritize companies that have the potential to create a transformative impact.

Notable investments:

• Work & Mother
• SmartPM Technologies
• Dandelion Energy
• Measurabl
• Built Robotics
• Mosaic
• SKILLIT
• SmartPM
• Blokable

Formwork Labs

Formwork Labs, a collaborative accelerator program, has a simple goal: to be the foundation for entrepreneurship and innovation for the construction industry. Their team focuses on nurturing early-stage startups in the Architecture, Engineering, and Construction (AEC) industry. Launched by Brick & Mortar Ventures and BuiltWorlds in 2022 as the first accelerator of its kind, they provide funding, mentorship, and industry connections to help these young companies refine their products and go-to-market strategies. Recently, they announced the launch of their third cohort, selecting five promising startups from a pool of over 70 applicants.

Current cohort:

• Flowlly
• MatBook
• Pivla
• Silo-in
• TerraScape AI

EllisDon ConTech Accelerator

EllisDon’s ConTech Accelerator acts as a launchpad for innovative construction technology startups. The program identifies promising young companies with solutions that address challenges in the construction industry. These startups receive mentorship, potential funding, and industry connections from EllisDon to help them refine their ideas and develop go-to-market strategies. Successful participants may even collaborate with EllisDon on real-world construction projects to test and improve their solutions, accelerating their growth and impact on the industry.

2023 program finalists:

• SiteLink
• The Link
• Provision

Blackhorn Ventures

Founded in 2017 in Denver, Colorado, Blackhorn Ventures is a venture capital firm that invests in early-stage companies using software solutions to improve efficiency and decarbonize industrial sectors like energy, construction, and transportation. They target companies that leverage digital tools to minimize resource use and environmental impact while aiming for strong financial returns. Just this month they announced the close of their third fund, Blackhorn Ventures Industrial Impact Fund II, LP (IIF II) which garnered $150 million in new commitments. The fund’s focus is seed and Series A stage investments into capital-efficient software solutions, vertical SaaS companies, and AI applications that address the urgent need for industrial resource efficiency and decarbonization at scale.

Notable investments:

• Aperia Technologies
• EcoWorks
• Briq
• Agorus
• Amperon
• Circuit Mind
• Datch
• QuoteToMe
• Hyperframe

Shadow Ventures

Founded in Atlanta, Georgia in 2017, Shadow Ventures is a venture capital firm focused on seed-stage startups that bring innovation to the built environment. They target companies using technology to tackle challenges in real estate and construction, with a specific interest in sustainable solutions. Their investments aim to transform how we design, build, and operate buildings. They recently announced their new $34 million Seed Fund II. This fund aims to continue their mission of financing ambitious entrepreneurs with frontier technologies for the global infrastructure sector.

Notable investments:

• Okibo
• Constructn.ai
• BotBuilt
• jet.build
• Green Badger
• Ecobot
• billy
• Rabbet
• Aren
• ICON
• Konstru
• Hummingbird Kinetics

Energize Capital

Formerly Energize Ventures, this firm wants to make the world a healthier place. A leading climate software investor, Energize Capital partners with with innovators to accelerate the sustainability transition. Their team has decades of experience in the climate technology space, and they leverage that deep industry and operational expertise to guide a research-based, proactive and thorough investment approach. They support companies at various stages of maturity by helping them scale and realize their full potential, from early commercialization to the public markets. They have several areas of focus: renewable energy, industrial operations, electrification/mobility, infrastructure resilience and decarbonization

Notable investments:

• Amperon
• Urbint
• Sitetracker
• Aurora Solar
• Handle
• PVcase
• SINAI

*Editor’s Note: Emails, video calls, regular calls, paperwork, site visits—most construction professionals don’t have hours to go through press releases and news articles detailing the latest business deal in the industry. But we do. Each month we distill all that information into a pure, concentrated syrup called Business Moves. This month was big for sustainable companies, Indigenous partnerships, tech funds and more.

Buffalo River Developments LP has acquired majority interest in Threeosix Industrial Services Inc. The groups reached an agreement where Buffalo River Dene Nation, via its development corporation Buffalo River Developments LP, completed a significant investment in Threeosix in exchange for a majority stake in the group of companies. Threeosix is a multi-discipline industrial solutions provider based in Saskatoon, Sask. Buffalo River Developments is the wholly-owned economic development corporation of the Buffalo River Dene Nation.

Volvo Group and Westport Fuel Systems Inc. have formed joint venture to promote, develop and further accelerate the commercialization of the high pressure direct injection (HPDI) technology—a fuel system used to reduce CO2 in long-haul trucking and other high-load and off-road applications.

Parity, a remote HVAC optimization as a service company for multifamily buildings and hotels, announced today the successful closing of its USD $19M Series B funding round. Parity aims to limit energy waste and maximizes demand response performance by remotely operating existing heating, ventilation, and cooling systems in real-time. The round was completed by Idealist Capital, joining existing investors ArcTern Ventures, Wyse Meter Solutions Inc., and RET Ventures.

The Hillcore Group, an independent Canadian investment firm, successfully completed the acquisition of CEDA, which has been majority-owned by OMERS since 2005. CEDA specializes in providing industrial maintenance, turnaround and environmental services to clients in the oil and gas, pipeline, power, pulp and paper, chemical, mining, municipal and steel markets.

Schneider Electric, a global digital energy management and automation company, is transforming its Digital Buildings business in Canada with the launch of the SMART Buildings Division. The company stated that this evolution marks a strategic move to deliver comprehensive solutions and services that support building owners and operators in achieving their decarbonization and sustainability goals.

Through our SMART Buildings division in Canada, we’re set to enhance efficiency, sustainability, and occupant comfort. Our goal is to empower building owners and operators to create smarter, more efficient spaces for a sustainable future

Emily Heitman, President of Schneider Electric Canada

Backwoods Energy Services, one of the largest and most sophisticated Indigenous-owned contractors in Western Canada, has formed a strategic partnership with Kihew Fabco, an Indigenous-owned fabrication shop in Saskatchewan. The partnership is poised to strengthen the capacity of both organizations through the creation of employment opportunities, training programs, and revenue streams that directly contribute to community initiatives.

Canada-based companies Stantec and WSP have both made Time Magazine’s first list of the world’s 500 Most Sustainable Companies. The top spot on the list went to a company previously mentioned in this month’s edition of business moves, Schneider Electric, which is based in France. Stantec ranked 14th and WSP ranked 54th.

Electrical distributor EECOL Electric announced that it has acquired Independent Electric Supply of Toronto. Independent, with its 40 team members, has been serving customers in the Toronto area market since 1921. Officials said the acquisition underscores our dedication to serving customers across Canada with unparalleled service and top-quality products from hundreds of premier manufacturers

Pembina Gas Infrastructure Inc. (PGI), a gas processing entity in Western Canada jointly owned by Pembina and KKR, has entered into a purchase and sale agreement with Whitecap Resources Inc. to acquire a 50% working interest in Whitecap’s 15-07 Kaybob Complex as well as executed an agreement to support the future infrastructure development for Whitecap’s Lator growth area. Gross proceeds related to the transaction are $420 million ($252 million, net to Pembina).

Aecon Utilities, a subsidiary of Aecon Group, has acquired a majority stake in Xtreme Powerline Construction, a Michigan-based electrical distribution utility contractor, for $73 million. The acquisition will allow Aecon Utilities to expand its U.S. presence and services offered, particularly in repairing and upgrading electrical grids. Xtreme’s management will retain a minority ownership and leadership roles, while Aecon Utilities gains access to Xtreme’s expertise and client relationships.

Blackhorn Ventures has announced the close of its third fund, Blackhorn Ventures Industrial Impact Fund II, LP (IIF II). With $150M in commitments towards the new fund, Blackhorn says its team is exceptionally well-positioned to partner with world-class founders. Its focus is seed and Series A stage investments into capital-efficient software solutions, vertical SaaS companies, and AI applications that address the urgent need for industrial resource efficiency and decarbonization at scale.

e-Zinc, a company focused on long-duration energy storage with its zinc-air battery, announced it has raised an additional USD $31 million in follow-on funding to its $25 million Series A round. This oversubscribed Series A2 round was led by Evok Innovations, with additional investments from Mitsubishi Heavy Industries, Export Development Canada (EDC), and Ultratech Capital Partners. e-Zinc’s existing shareholders also participated, including Toyota Ventures, Eni Next, Anzu Partners, BDC, and Graphite Ventures. e-Zinc plans to use this financing to accelerate product development and complete the construction of its 42,000 sq. ft pilot manufacturing facility in Mississauga, Ont.

Ironspring Ventures has announced $100 million in new funds to continue partnering with early-stage founders who are creating change and catalyzing innovation across the industrial supply chain. Ironspring officials stated that there’s never been a better time to invest in these critical industrial industries. They added that infusion of new capital will fuel their ability to back the entrepreneurs and teams who are revolutionizing the way the world designs, builds, distributes, and operates in the physical world.

Ramudden Global has announced the acquisition of RSG International, a group of road safety businesses based in Toronto. With this acquisition, Ramudden Global surpasses $1.74 billion in revenue and more than 5,000 employees in 12 countries.

I see this as a breakthrough for our business and a great opportunity for our staff to embark on an exciting journey. Combining forces enables us to gain the strength needed to realize our expansion plans. By combining European and North American expertise, we aim to bolster our offerings and deliver superior infrastructure safety solutions in our region

Lisa Laronde, President or RSG

Steelhead LNG, a Vancouver-based developer in the liquefied natural gas (LNG) industry, announced the recent award of patents in the U.S. and South Korea in relation to its proprietary near-shore floating LNG production facility system. The patents cover pivotal aspects of Steelhead’s approach to liquifying natural gas for export and are in addition to the patents already issued to Steelhead LNG in Canada, Australia and Mexico.

Pennsylvania-based infrastructure product provider JENNMAR has acquired Dumotech Industrial Products in Quebec. JENNMAR said that Dumotech complements JENNMAR’s offering of infrastructure products and specialized services to the civil, solar, mining and construction industries, and strengthens its presence in Quebec through an expanded product range and local proximity to the region’s mines.

DC Equipment has opened a new manufacturing facility in Prince George, B.C. marking the return of Madill equipment production to B.C. The first machines to be produced at this facility will be the Madill 3000B Log Loaders.

Advanced Construction Robotics (ACR), announced it has entered into an agreement with Nucor Rebar Fabrication, Inc. (Nucor), North America’s largest fabricator and installer of rebar. This partnership will introduce cutting-edge technologies into Nucor’s operations.

Key Takeaways:

• CIBC is offering a new banking program specifically designed for skilled trades students and apprentices.
• This program includes free everyday banking, a credit card with special offers,and a line of credit up to $80,000 to help cover the costs of training and tools.
• There’s also contest open to registered apprentices who open a CIBC account. The grand prize includes a three-year truck lease and $10,000 worth of tools.

The Whole Story:

CIBC has announced a new banking offer for apprentices in skilled trades.

The bank says its goal is to support this underserved population at a time when skilled tradespeople are in high-demand across the country.

The CIBC Skilled Trades Banking solutions are the first of their kind in Canada and provide skilled trades apprentices with free everyday banking with CIBC Smart Account, access to special offers with the CIBC Dividend Platinum Visa credit card, and a CIBC Education Line of Credit of up to $80,000 to support training and tools. Specialized banking products and services are also available to skilled trades students and certified professionals.

CIBC’s Skilled Trades Banking solutions can currently be accessed by skilled trades students, apprentices and professionals during three distinct points in the skilled trades journey: while enrolled in an accredited trades college, throughout their registered apprenticeship program, and support extends to skilled trades professionals upon becoming a certified member of their respective trade association or union.

“CIBC recognizes the increasing importance that professionals in the skilled trades are bringing to the country and economy, and also understands that it takes an investment of time and money to become certified in a trade,” said Jeff Smith, senior vice-president, client segmentation and franchising, CIBC. “The Skilled Trades Banking solutions are unique and will help make career ambitions of skilled tradespeople more attainable – especially at a time when skilled trades workers are needed across the country.”

According to a recent survey conducted by CIBC, nearly half (45%) of skilled trades professionals don’t feel confidence in their financial situation. CIBC hopes to provide support to help apprentices successfully complete their training.

The bank also announced that it has partnered with the Skilled Trades College of Canada (STC) as their financial services title sponsor to ensure trades students have access to financial advice and products to succeed throughout their journey. The bank will be providing 15 $15,000 scholarships over the next three years to STC students.

“We are thrilled that CIBC is now the official banking partner of Skilled Trades College because a strong financial background is imperative to any successful tradesperson and entrepreneur,” says Mike Di Donato, chief operating officer, Skilled Trades College of Canada. “CIBC will provide our student base with financial advice and access to banking products and services, helping them on their path to be journeypersons and future business owners. In an effort to assist in addressing the skilled trades shortage CIBC has generously committed five, full-ride scholarships to STC students per year for the next three years, valued at $225,000.”

To further help support those who are considering a career in the skilled trades, CIBC will also be providing 15 $2,000 scholarships over three years to the Southern Alberta Institute of Technology (SAIT), and five, $2,000 scholarships to Northern Alberta Institute of Technology (NAIT) for the 2024 academic year.

Registered apprentices who open a new CIBC account and/or product can enter the ‘Build your Future‘ contest by October 31, 2024 for a chance to win $35,000 towards a three-year truck lease and $10,000 in tools.

Key Takeaways:

• The VRCA’s Constructive Conversations is a platform for industry stakeholders to engage with decision-makers and discuss solutions for a sustainable future for the construction sector.
•  The first event, held on April 11, welcomed Premier Eby as the inaugural guest. The third edition of the series is scheduled for August 28, with BC Conservative Leader John Rustad as the guest speaker.
• Kevin Falcon, BC United Leader, emphasized the need for collaboration between government and industry to address these challenges. He highlighted attracting more youth to skilled trades and prompt payment legislation as key areas needing attention. 

The Whole Story:

The Vancouver Regional Construction Association (VRCA) hosted its second Constructive Conversations event last week featuring BC United leader Kevin Falcon. This event brings together VRCA members, industry leaders and stakeholders to address critical issues impacting the construction sector in B.C. The province will be holding an election this October.

“I think sometimes legislators, certainly at the provincial level, feel a little untouchable and out of reach and we want to let our members know that these are the people we need to be talking to about construction and what’s going on in construction,” said Jeannine Martin, VRCA president. “Construction is 10% of our GDP and the fact that construction isn’t getting more attention from legislators is surprising to me.”

Martin added that these conversations are a great opportunity to understand what a candidate’s views are on the construction sector and let them know the major issues the industry is thinking about.

The 90-minute conversation with Falcon covered various crucial topics related to the growth and sustainability of the construction industry.

These included elevating the brand of construction to attract more individuals to skilled trades, addressing the housing crisis and its impact on drawing people to B.C., the necessity for targeted immigration, short- and long-term infrastructure funding, and the importance of affordable childcare for working families.

Do you support prompt payment?

When asked about his stance on prompt payment, Falcon noted that he has heard the stories of developers taking advantage of contractors. He expressed his support for implementing some form of prompt payment, but wanted to make sure time was taken to structure it well.  

“You have to pay your people so it doesn’t take long before you can find yourself in a whole world of hurt. How will it be structured? I would take a lot of guidance from you on how to get it right,” said Falcon. “I would look at who does it best in Canada. Alberta? Ontario? And why they do it best. But I 100% agree that we need some form of prompt payment legislation. I know what it’s like to be an entrepreneur, you’ve got those receivables and you are waiting on some big payments that are due. That just doesn’t work.”

BC Construction Association President Chris Atchison responded to Falcon, noting that cross-jurisdictional analysis is currently being done on prompt payment language and processes that work best. He also reminded Falcon of his previous comments around developers. 

“You mentioned one thing that is an irony when we are talking about prompt payment,” said Atchison. “We recognize that they are all different, but when you say we need to make the developers whole if we are introducing a program to inspire building. You can’t on one hand make the developers whole and offer to make tradespeople whole if you don’t connect the dots to make sure payment flows to the people.”

How do we attract and retain more workers?

Falcon lamented that B.C. was becoming a harder and harder place for young people to succeed, adding that this is particularly challenging for B.C.’s construction sector which is looking to recruit the next generation for workers. 

“One in three British Columbians is looking to move outside the province,” he said. “We lost 70,000 people to Alberta last year. Right now B.C. is a really tough sell. It’s tough for you to attract and retain employees. Even more concerning, of 18- 35-year-olds, 50% are looking at leaving British Columbia. That terrifies me.” 

He believes that improving healthcare, bringing down home and rental prices, and providing affordable childcare can help prevent more young families and workers from leaving.

“When you talk to workers and people in the trades, they say ‘I can’t make it here. I can’t ever dream of owning a home in British Columbia,” said Falcon. “At least I can go to Alberta and have a chance.’”

Falcon also believes more work needs to be done to educate young people in school about trades opportunities and to honour trades workers.

“Not every child should go to university. We need to do a better job of letting young women and men know that there is great opportunity,” said Falcon. “We have given parents the mistaken impression that somehow every child must go to university or they will be less than successful. We have to change that. Many of them graduate and still have no jobs or opportunity”

He recalled that during his time as minister of transportation, he would go around to major projects with plaques, medals and ceremonies to celebrate workers.

“We have to do a better job of celebrating the trades and make people proud to be trades people like they are in Europe,” said Falcon.

He also plans to pressure the federal government on immigration to prioritize more skilled trades immigration. And he wants to work to immediately funnel immigrants toward the construction sector by providing them with language and skills training, 

Does construction get the attention it deserves?

Martin explained that construction drives more than 10% of GDP in B.C. but rarely is in the limelight. She asked if Falcon thought there should be a government official or department that could focus on the sector and its issues.  She was curious what Falcon’s thoughts on the construction sector were and if he feels like it needs more attention.

“I think the construction industry is a huge, important part of the economy and they did such a great job for us when we were in government,” said Falcon. “I was minister of transportation and infrastructure for six years and was responsible for over $14 billion in capital projects, many of them built by your members. The vast majority were delivered on schedule and on budget, granted those were different times with different challenges. I don’t know if we need a minister of construction, but we need a minister responsible that understands the importance of the sector.”

Key Takeaways:

• Bird Construction plans to acquire privately-owned, B.C.-based civil infrastructure contractor Jacob Bros for $135 million.
• Jacob Bros has a workforce of over 350 salaried, hourly and craft personnel. For full year 2024, Jacob Bros is expected to generate approximately $300 million of revenue and $37 million of Adjusted EBITDA. 
• Jacob Bros’ two shareholders, Scott Jacob, CEO and Todd Jacob, COO, will join Bird to lead the combination of Bird’s Western Infrastructure business and their existing business. 

The Whole Story:

Bird Construction has announced plans to acquire B.C.-based civil infrastructure contractor Jacob Bros for $135 million. 

The transaction, pending relevant regulatory approvals and the satisfaction of other customary closing conditions, is expected to be completed early in the third quarter of 2024. 

Headquartered in Surrey, B.C., Jacob Bros is a privately-owned civil infrastructure construction business with self-perform capability, serving public and private clients across the region with a workforce of over 350 salaried, hourly and craft personnel. Jacob Bros’ two shareholders, Scott Jacob, CEO and Todd Jacob, COO, will join Bird to lead the combination of Bird’s Western Infrastructure business and their existing business. 

“Today is a momentous day for Jacob Bros as we become part of the Bird Construction team – one of Canada’s oldest and most respected brands in the construction industry,” stated Scott Jacob, president and CEO of Jacob Bros. “Bird shares many of our core values and our cultural attributes, and will be a great fit for our people and our clients. With access to Bird’s resources, we will be able to build on our success and accelerate our growth and capacity as one of Western Canada’s most respected builders of public and private infrastructure”.  

Jacob Bros specializes in civil infrastructure construction across a wide array of projects, such as airports, seaports, rail, bridges and structures, earthworks, energy projects, and utilities. Additionally, Jacob Bros delivers expertise in specialized projects that require innovative, purpose-built, custom solutions that leverage their suite of comprehensive services.  

“We are really pleased that Scott and Todd Jacob will be bringing their comprehensive experience to the Bird team. The acquisition of Jacob Bros, a full-service infrastructure provider in BC, represents a significant milestone in the evolution of our business, establishing a broader and more diversified operation. The company brings a strong market reputation, highly skilled team, and proven track record for delivering complex projects to sophisticated, long-term clients,” stated Teri McKibbon, president and CEO of Bird. “The combined company will have a greater platform from which it will be able to access larger-scale projects and expand career opportunities for employees. The acquisition will enable Bird to advance our strategic focus on complex work in high-demand, higher-margin self-perform sectors, which we expect will contribute to continued margin enhancement.”   

Bird offered the following reasoning for the acquisition: 

• Aligns with M&A criteria: The acquisition supports Bird’s M&A strategy of targeting high-performing, culturally aligned, complementary businesses with strong cross-sell opportunities and developing a national civil infrastructure vertical. 
• Increases exposure to key secular tailwinds: Positions the combined company to capitalize on opportunities related to electrification, the growing demand for low-carbon and green infrastructure solutions, and transportation infrastructure requirements. 
• Adds civil infrastructure expertise: Jacob Bros augments the strong Bird team with a highly experienced leadership team and skilled workforce with the ability to execute civil infrastructure and special projects of varying size, complexity, and scope. 
• Enhances core Infrastructure vertical: Significantly increases revenue generated by Infrastructure projects, which advances Bird’s strategy to balance its portfolio across its three core verticals, Industrial, Buildings, and Infrastructure. 
• Expands scale and geographic reach: Together with other recent acquisitions in Ontario, Jacob Bros brings Bird closer to its goal of establishing a national full-service civil infrastructure footprint through the expansion of civil capabilities into the largest market in Western Canada.  
• Anticipated contribution to margin accretion: The combined company will leverage Jacob Bros’ capabilities in higher margin self-perform and special projects areas, in addition to its robust backlog with a diversified project mix and fleet of modern equipment to further pursue profitable growth. 

For full year 2024, Jacob Bros is expected to generate approximately $300 million of revenue and $37 million of Adjusted EBITDA. 

The Jacob brothers were raised in a construction family. The Jacob brothers established three individual careers within different sectors of the construction industry. In 2008, they decided to collaborate, combining years of experience and individual specializations into one multi-faceted firm—Jacob Bros Construction. Jacob Bros has grown rapidly over the past decade and recently expanded into a new office and maintenance facility that was designed and built by its own team.

One of Jacob Bros’ biggest projects in recent years was the Centerm Expansion Project in Vancouver. Their team was involved the design and construction of a container terminal expansion and improvements to surrounding port road infrastructure for the Vancouver Fraser Port Authority. The project was carried out by Centennial Expansion Partners, a joint venture that included Jacob Bros, Dragados Canada Inc., and Fraser River Pile and Dredge (GP) Inc.

Time will tell what the root causes were that led to the main water feeder breaking, but we can all agree today that its failure has provided another significant example of the need to plan, design, maintain, and invest in critical infrastructure. While capital planning often favours more visible assets (i.e., recreation centres, fire stations, affordable housing) that lead to political photo ops, ensuring the services that fuel a city can continue to function should always be a top priority.

What should be next for municipalities and businesses that own real estate and infrastructure assets to deliver services?

First, they should identify critical components and ensure they can function as intended. This involves conducting thorough assessments to pinpoint vulnerabilities and potential failure points within their infrastructure. Regular maintenance schedules and proactive upgrades should be implemented to address issues before they escalate into major failures.

Additionally, municipalities and businesses should invest in modernizing their infrastructure with resilient and sustainable technologies. This includes adopting smart technologies that can monitor and manage infrastructure health in real time, allowing for swift responses to emerging issues. Collaboration between public and private sectors is also essential to pool resources, share expertise, and create comprehensive strategies for infrastructure resilience.

Finally, it’s crucial to foster a culture of continuous improvement and preparedness. This means staying informed about the latest advancements in infrastructure technology, engaging in ongoing training for personnel, and developing robust emergency response plans to mitigate the impact of any unforeseen events. By prioritizing these actions, municipalities and businesses can ensure their infrastructure remains robust and capable of supporting essential services for their communities.

We’ve seen bridges fall in Montreal and Saskatoon, and a previous pipe burst in Calgary (2009, Mount Royal). Let’s hope the Gardiner can stay up a little longer. As we inherit assets from generations before us, I don’t think we will have the resources to support them all. It’s time for us to be innovative, explore private and public innovation, and reconsider the levels of services we expect for our cities.

About the author

Scott Pickles is a seasoned real estate professional with over 20 years of experience in various sectors (public, non-profit, and private). Combining his background as a registered architect with consulting and client-side experience, he has a successful record of delivering complex real estate projects. His expertise spans strategic advisory, financial analysis, planning, and various building types.

Key Takeaways:

• A report by Resource Works and the First Nations LNG Alliance (FNLNGA) examined the economic benefits of liquefied natural gas (LNG) projects in B.C.
• A $4.1 billion investment in engineering/construction leads to a $4.5 billion increase in GDP and creates over 35,000 jobs.
• Engineering/construction in B.C. generates 8.9% more GDP compared to the average investment project in Canada.
• B.C. and Alberta capture most of the benefits (90.6%) from engineering construction projects in B.C.
• LNG projects also benefit from lower liquefaction costs due to B.C.’s cool climate and lower shipping costs due to its proximity to Asian markets.

Investment in LNG projects in B.C. can generate massive economic benefits, a new report found.

The study, prepared by Resource Works and the First Nations LNG Alliance (FNLNGA), investigates the economic impact of LNG projects with the goal of offering a clear, data-driven view of how LNG development can lift up the economics of B.C. and Indigenous peoples.

Using Statistics Canada’s Input/Output model, the paper reveals that LNG investments substantially boost the provincial and national economy, generating more GDP and jobs compared to other investment projects in Canada. A $4.1 billion investment in engineering construction, closely related to LNG projects, yielded a $4.5 billion increase in GDP and created over 35,000 jobs. The study also shows how these benefits ripple out to provinces outside of British Columbia.

To create the report, the groups enlisted the help of Philip Cross, a career statistical scientist who does research for various institutes across Canada and is a member of the Business Cycle Dating Committee at the C.D. Howe Institute. He has written extensively on natural resources and the Canadian economy. Before that, he spent 36 years at Statistics Canada, the last few as its Chief Economic Analyst, where he researched various economic and statistical issues and wrote its monthly assessment of the economy.

The study comes at a time when billions have already been invested in B.C.’s LNG sector. After years of planning and construction, the province’s first major LNG facility—LNG Canada—is about to be completed, followed by the smaller Woodfibre project. The LNG Canada $18 billion investment is supplied by TC Energy’s 670-kilometre Coastal GasLink pipeline connecting northeastern BC to Kitimat. LNG takes natural gas and cools it in terminals to –162 degrees Celsius so that it becomes a liquid, which requires 600 times less volume in tankers that transport it to overseas markets, where another terminal
converts it back to gas to be shipped by pipeline to customers.

It might not stop there. Here are other LNG projects with their eye on B.C.:

• Cedar LNG: A joint venture between the Haisla Nation and Pembina Pipeline Corp., located at Kitimat.
• Ksi Lisims LNG: A floating LNG project on Pearse Island, currently undergoing environmental assessment.
• LNG Canada Phase 2: A potential expansion of the existing LNG Canada project.

The report concludes that LNG projects offer significant economic benefits for BC and Canada. By overcoming regulatory hurdles and capitalizing on global market opportunities, Canada can become a key player in the international LNG market.

“As we launch this report, we aim to engage with policymakers, industry stakeholders, and the communities affected by these projects,” wrote officials from Resource Works and FNLNGA. “The findings underscore the critical need for thoughtful regulatory frameworks that support the growth of the LNG industry while balancing environmental considerations and the well-being of our communities. Together, let us move forward with the knowledge and insights gained here to harness the opportunities that LNG projects present for British Columbia and Canada.”

*Editor’s note: Business Moves is a new regular feature from SiteNews that collects all the major corporate announcements impacting Canadian construction. If you have an announcement you want to make, email us at hello@readsitenews.com

Béton Provincial, the largest Canadian-owned company in the concrete and cement industry, has acquired assets from CRH Canada in Quebec, Newfoundland, Labrador and New York. Béton says this strengthens its distribution network, product offerings, and supply chain. The acquisition is expected to benefit the region’s economy and allows Béton Provincial to invest in green concrete initiatives.

Delta Water Products Group is consolidating its position in the water industry through a strategic rebranding and acquisitions. They’ve recently acquired WaterTec Irrigation Ltd., Arndt Motor & Pump Service, and Aquateck West, folding them into their existing Delta Water Products and Delta Irrigation brands under the new umbrella of DELTA WATER PRODUCTS GROUP. This unification aims to provide a wider range of irrigation, pumps & motors, waterworks, wildfire response, and HD conduit solutions across Western Canada and the Pacific Northwest.

CarbonCure, a Halifax-based clean technology company, has officially launched its operations in the United Arab Emirates. According to CarbonCure, the rapidly growing market is valued in the tens of billions annually and presents a significant opportunity for its technology. To solidify their presence,CarbonCure has secured partnerships with key players in the region, including Emirates Beton Ready Mix, Tremix, and industrial gas supplier Gulf Cryo. This collaboration was formally acknowledged during a signing ceremony held at the UAE government’s Make It In The Emirates Forum.

Enbridge Inc., a multinational pipeline and energy company based in Calgary, has acquired Questar Gas, a natural gas distribution company serving 1.2 million customers in Utah, Wyoming and Idaho. Questar Gas will join Enbridge’s Gas Distribution and Storage Business Unit and is expected to contribute significantly to Enbridge’s long-term dividend growth.

Barnhart Crane and Rigging, a major North American lifting and logistics company, has acquired NCSG, a leading crane and heavy haul services provider in Western Canada. This marks Barnhart’s first international expansion and its largest acquisition to date. NCSG brings a strong network of branches and roughly 400 employees with expertise in various industries, significantly boosting Barnhart’s presence in Canada.

Anthem Properties and Streamliner Properties have jointly acquired Carlingwood Mall, a shopping center in Ottawa. The mall sits in a growing area with limited housing and will be redeveloped in phases to incorporate new residential units while maintaining commercial space and serving the community.

Reconciliation Energy Transition Inc. (REIT) has entered into a joint development agreement with Sumitomo Corporation, a leading global trading company based in Tokyo, Japan, through its subsidiary Ammolite Carbon Sequestration (collectively known as Sumitomo Corporation Group). RETI and Sumitomo Corporation Group have finalized the terms under which Sumitomo Corporation Group will acquire a significant equity interest in the RETI East Calgary Region Carbon Transportation and Sequestration Hub project. The Hub is an open access CO2 sequestration-as-a-service solution for industrial emitters within the greater Calgary region and beyond with potential storage capacity of up to 10 million tonnes per annum.

Atlas Engineered Products (AEP), known for acquiring and operating operations in Canada’s truss and engineered products industry, is partnering with Westhaven Builders to supply materials for a senior living project in Michigan. AEP says the project is valued at $800,000 and strengthens its presence in the U.S. market while showcasing its ability to handle large-scale construction projects. 

AtkinsRéalis, a project management company, has welcomed Bird Construction, Millwright Regional Council and AECON as ambassadors of the Canadians for CANDU campaign. This campaign promotes the use of CANDU nuclear technology in Canada and abroad to fight climate change and strengthen the domestic nuclear industry.

GMS Inc., a building product distributor, is acquiring Yvon Building Supply, a company offering various construction materials in Ontario. This acquisition will expand GMS Canada’s services and product offerings in the province, allowing them to better serve their growing customer base. Yvon’s team will join GMS upon closing and continue operating under the Yvon brand name while integrating with GMS’s existing services.

Colliers, a diversified professional services company, is acquiring Englobe, a Canadian engineering and environmental services firm, for $475 million. This move expands Colliers’ presence in Canada and aligns with their strategy of growing recurring revenue streams. Englobe will be rebranded as Colliers in 2025 but will maintain its leadership team under Colliers’ partnership model.

Buffalo River Dene Nation (BRDN) partnered with Threeosix Industrial to launch Buffalo Contracting, an Indigenous-led company providing contracting services for Saskatchewan’s growing industrial and mining sector. This partnership aims to create high-quality jobs, training opportunities, and economic development for the community while promoting diversity and inclusion in the workforce.

Relay Transition Partners has announced that Pacific Radiator Mfg. Ltd. has been acquired by Petwin Private Equity. Pacific Radiator is the largest manufacturer of replacement copper-brass radiator cores and tanks in Western Canada. Servicing clients across Western Canada and the Pacific Northwest, the Company is known for its high-quality products, excellent customer service, and fast turnaround times. Relay Transition Partners acted as financial advisor to Pacific Radiator.

The Hoffmann Family of Companies (HFOC), a U.S.-based family owned private equity firm, has acquired majority ownership of CDN Controls (CDN)—a leading player in electrical and instrumentation maintenance, automation, communication and renewable/solar services. CDN operates across 10 branches, employs over 700 professionals and manages an expansive fabrication facility. 

SiteMax has announced a strategic partnership with The Net Effect, a digital business consulting firm for construction companies. The partnership brings together SiteMax’s construction management platform with The Net Effect’s expertise in digital business consulting for the construction industry. By joining forces, the two companies stated that they aim to offer comprehensive solutions to construction businesses, empowering them to streamline their processes, enhance efficiency, and achieve sustainable growth.

EllisDon has launched a new sub-brand, Building Digital, to provide technology services and products specifically for the AEC industry. With their experience in EllisDon’s Digital & Data Engineering Division, the Building Digital team aims to bridge the gap between the potential of technology and its usage in AEC by offering consulting services and developing tech products to help professionals adopt new technologies.

The Universal Group announced the latest expansion of its group of companies through the acquisition of Energetic Traffic Control Ltd. (ETC), a provider of comprehensive traffic management solutions based in Fort St. John, B.C. Universal also recently announced its entry into the U.S. through the acquisition of Advanced Traffic Control (ATC). ATC is based in Auburn, Washington and was founded by Jeff McLaughlin and Darrin Tish in 2015. ATC is primarily focused on providing traffic control services for large multi-year infrastructure projects on interstates and freeways across Washington State.

SitePartners, a marketing agency that specializes in the industrial sector, has announced the creation SiteHQ, the first industrial studio in Canada. The 10,000-square-foot space was custom built in Abbotsford, B.C.’s growing Rail District. SitePartners Founder and President Andrew Hansen stated that Site wanted a hybrid space: a production studio and office that would allow the firm to grow with its clients and create industry-leading work. The new space will be a place for the construction industry to connect, gather and build community.

Key Takeaways:

• A new report has found that Toronto needs to invest $4 billion annually to maintain its infrastructure.
• The city is currently only investing $1.4 billion per year, creating a gap of $2.6 billion per year or $26 billion in the next decade.
• Recently, the city dedicated $26 billion (52%) of the 10-Year Capital Budget and Plan to SOGR needs, nearly doubling SOGR investments over the past 10 years.

The Whole Story

Toronto is billions of dollars behind on infrastructure spending and wants to get caught up.

The city’s 2024 Corporate Asset Management Plan (AMP) was recently adopted by Toronto City Council. It identifies the value of non-core infrastructure assets at $73 billion and forecasts that an average annual investment of $4 billion is needed to maintain these assets in good condition to provide their current levels of service to Torontonians.

Officials say this contrasts with the average annual planned state of good repair (SOGR) funding of $1.4 billion in the city’s 2024 budget, revealing an investment gap of approximately $2.6 billion per year or $26 billion in the next decade.

Officials say the findings of the city’s 2024 Corporate Asset Management Plan are consistent with the city’s Long Term Financial Plan and past budget process where investments in SOGR have been a priority. Recent actions taken by the city to address asset renewal needs include:

• Dedicated $26 billion (52%) of the 10-Year Capital Budget and Plan to SOGR needs, nearly doubling SOGR investments over the past 10 years.
• Added $1.6 billion in additional SOGR funding to the 10-Year Capital Budget and Plan during the 2024 Budget process.
• Eliminated the city’s single largest SOGR liability with the Ontario-Toronto New Deal’s upload of the Gardiner Expressway to the province that saves nearly $2 billion which will be allocated to critical asset renewal guided by a capital prioritization framework and asset management plan.
• Developing a capital prioritization framework that will be integrated with the City’s 2025 Corporate Asset Management Plan to enhance the City’s existing prioritization processes and strategic decisions on when and where to prioritize capital infrastructure investments.
• The city’s 2024 Corporate AMP builds upon previous divisional asset management plans and includes all municipal infrastructure assets under the direct ownership of the City, excluding core infrastructure assets such as water, wastewater, stormwater, roads, bridges and culverts, which were reported in the City’s 2021 Core Infrastructure AMP.

To comply with provincial regulations, the city’s 2024 Corporate AMP reports on the costs required to maintain current levels of service. The forthcoming AMP will report on the costs to provide proposed levels of service to manage future growth including recommended funding strategies aligned with the final provincial regulation milestone on July 1, 2025.