Bird to buy Canada’s largest marine infrastructure company

Key Takeaways:

• Bird Construction is acquiring Fraser River Pile & Dredge (FRPD) for $82.3 million, a move expected to close in late 2025 pending regulatory approval.
• FRPD brings over a century of expertise in marine construction, dredging, land foundations and environmental remediation, strengthening Bird’s infrastructure portfolio and expanding its self-perform capabilities.
• The deal is expected to boost Bird’s adjusted earnings per share by about 7%, with further growth potential from cross-selling opportunities and operational synergies.

The Whole Story:

Bird Construction Inc. has struck a deal to acquire Fraser River Pile & Dredge (FRPD), Canada’s largest marine infrastructure, land foundation and dredging company, in a transaction valued at $82.3 million.

The acquisition, announced Wednesday, is expected to close in the fourth quarter of 2025, pending regulatory approval under the Competition Act and other customary conditions.

Headquartered in New Westminster, B.C., FRPD was founded in 1911 and employs more than 300 people. The company is the leading provider of marine construction and dredging services in Canada and is also active in land foundation work and marine environmental remediation. Its operations are divided into two business lines: construction and dredging.

The construction division is primarily marine-focused but has also expanded into land foundations, supported by specialized equipment and skilled personnel. The dredging division, meanwhile, maintains shipping routes in the lower Fraser River for the Vancouver Fraser Port Authority and has carried out complex dredging projects in the North.

Bird said the purchase will strengthen its infrastructure portfolio by adding national marine construction and land foundation expertise, while also enhancing profit margins through more specialized, self-performed work. On a pro forma basis, FRPD is expected to generate about $160 million in revenue and $20 million in adjusted earnings before interest, taxes, depreciation and amortization (EBITDA).

“This acquisition is expected to be a catalyst for future growth,” Bird president and CEO Teri McKibbon said in a statement. “FRPD’s expertise complements Bird’s ability to deliver complex projects across industrial, infrastructure and building sectors.”

FRPD president and CEO Sarah Clark said joining Bird marks “a pivotal part” of the company’s 115-year history. “We look forward to leveraging our combined strengths to create additional opportunities across our client bases,” she said.

Bird plans to finance the deal with a new term debt facility. The company also amended its syndicated credit facility, extending its maturity to 2028 and replacing existing term loans with a $215.6-million loan that will help cover the acquisition and other debt repayments.

Bird said the transaction is expected to boost adjusted earnings per share by about seven per cent on a full-year basis compared with 2025 consensus estimates, with potential for further growth through cross-selling opportunities and operational synergies.

The move follows another major acquisition from mid-2024. Bird Construction completed its acquisition of Jacob Bros Construction for approximately $135 million. The deal—consisting of roughly $97.2 million in cash, $38.1 million in equity (via 1.49 million common shares), and the assumption of equipment debt—was finalised on August 1, 2024. Bird’s purchase of the Surrey, B.C.–based civil infrastructure specialist, with over 350 employees, immediately enhanced its scale and diversification in Western Canada’s high-demand infrastructure market.