Bird acquires Trinity Communication Services
Bird officials say Trinity will be a growth catalyst for its utilities portfolio.
Bird Construction Inc. has agreed to acquire Trinity Communication Services Ltd., 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 per cent 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.
Trinity specializes in underground, aerial, commercial inside plant, and multi-dwelling unit installations. According to Bird, these self-perform capabilities enable cross-selling opportunities to Bird’s national client base across multiple sectors.
The company said vertical integration in its 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.
The company added that Trinity’s capabilities complement Bird’s electrical service offering and serve as a growth catalyst for Bird’s utilities portfolio, currently active across Canada and in select U.S. 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.”