MISSISSAUGA, ON, Jan. 31,
2023 /CNW/ - Bird Construction Inc. (TSX: BDT)
announced today that it has agreed to acquire Trinity Communication
Services Ltd. ("Trinity"), a diversified telecommunication and
utility infrastructure contractor. Based in Ontario, Trinity provides services to major
national and regional telecommunication, utilities, power, and
internet service providers. The total consideration for the
transaction is being funded 90% through cash on hand, with the
balance coming from Bird common shares. The transaction is expected
to be accretive to earnings per share in 2023. All transaction
agreements have been completed, and the transaction will be
effective at 12:01 a.m. on
February 1, 2023.
A highly regarded contractor, Trinity specializes in
underground, aerial, commercial inside plant, and multi-dwelling
unit installations. These valuable self-perform capabilities enable
cross-selling opportunities to Bird's sizeable national client base
across multiple sectors. Vertical integration in our buildings
business is achieved with Trinity's commercial inside plant and
multi-dwelling telecom, fibre, and security expertise. Together
with Bird's Centre for Building Performance, Bird will be equipped
to provide a comprehensive, integrated suite of smart and
sustainable building services for major developers across sectors.
Overall, Trinity's capabilities complement Bird's significant
electrical service offering and serve as a growth catalyst for
Bird's utilities portfolio, currently active across Canada and in select US states.
"Trinity's scalable operations align with our tuck-in M&A
strategy to seek out high growth potential businesses with
strong margin and cashflow profiles. To that end, we will
progressively grow the business throughout our core markets,
consistent with our successful track record on recent
acquisitions," said Teri McKibbon,
President and CEO of Bird. "We are pleased to welcome Trinity's
team of industry experts to Bird and are excited to work closely as
we continue to grow our portfolio of high-demand specialty
services."
This press release contains forward-looking information (as
defined in applicable Canadian securities legislation) that
involves known and unknown risks, uncertainties and other factors
which may cause actual results, performance, or achievements to
materially differ from those expressed or implied by the
forward-looking information.
The Toronto Stock Exchange does not accept responsibility for
the adequacy or accuracy of this release.
For further information, contact:
T.L. McKibbon, President & CEO or
W.R. Gingrich, CFO
Bird Construction Inc.
5700 Explorer Drive, Suite 400
Mississauga, ON L4W 0C6
Phone: (905) 602-4122
About Bird Construction
Bird (TSX: BDT) is a leading Canadian construction company
operating from coast-to-coast and servicing all of Canada's major markets. Bird provides a
comprehensive range of construction services from new construction
for industrial, commercial, institutional, and civil infrastructure
markets; to industrial maintenance, repair and operations services,
heavy civil construction, and mine support services; as well as
vertical infrastructure including, electrical, mechanical, and
specialty trades. For over 100 years, Bird has been a
people-focused company with an unwavering commitment to safety and
a high level of service that provides long-term value for all
stakeholders. www.bird.ca
SOURCE Bird Construction Inc.