COMPANY: BIRD CONSTRUCTION INC.
LISTING: TORONTO STOCK EXCHANGE
SYMBOL: BDT
CITY: MISSISSAUGA
DATE: JANUARY 31, 2023
SUBJECT: BIRD AGREES TO ACQUIRE ONTARIO TELECOMMUNICATIONS AND UTILITY CONTRACTOR
Mississauga, Ontario – January 31, 2023 – 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