Business Moves: April 2025

Colliers moves to buy Triovest

Colliers has reached an agreement agreement to acquire Triovest Inc., a major Canadian commercial real estate services firm, from Coril Holdings. Upon closing, Triovest will rebrand as Colliers, merging operations to create Canada’s largest commercial real estate services provider with over 3,000 professionals, 95 million square feet under management, and $15 billion in development projects. The acquisition, expected to close in Q2 2025, strengthens Colliers’ asset and development management capabilities. Triovest, founded in 1995, generated $70 million in 2024 revenue and will now gain access to Colliers’ global resources and client base.

The addition of Triovest cements our position as the largest real estate services firm in Canada, while strengthening our capabilities in asset and development management

Brian Rosen, President and CEO, Colliers Canada

Stantec expands U.S presence

Edmonton-based Stantec has agreed to acquire Page, a Washington, DC-based architecture firm with 1,400 staff across 20 offices in the U.S. and Mexico. The acquisition will expand Stantec’s U.S. buildings practice by 35% and increase its U.S. headcount to 13,500, strengthening its North American presence and global market reach. Page, founded in 1898, brings expertise in architecture, engineering, interior, and urban design, with notable projects like the National Museum of African American History and Culture. Stantec will fund the deal using existing funds and credit facilities.

Structural Group acquires Vector

Structural Group, Inc. (SGI) has acquired Vector Construction / Restoration (Vector), which includes nine branch locations in the United States and Canada. The move supports SGI’s vision of continued growth in North America by adding valuable resources and capabilities in both countries.

We are pleased to join forces with SGI, the largest concrete repair contractor in North America. Our common mission is focused on preserving, repairing and extending the service life of the built environment. Together we’ll be able to achieve more, helping clients to solve complex concrete infrastructure challenges.

Bob Spriggs, CEO, Vector Construction

Bird Infrastructure expands services

Bird Infrastructure has announced the launch of its new Facilities Management Department, expanding its service offerings to include a full suite of facility operations and property management services such as leasing and tenant relations. Benett Hallas has been promoted to Manager, Facility Services, and will lead the new team, which is already managing 11 facilities across Ontario and Nova Scotia. With this expansion, Bird Mechanical now provides end-to-end infrastructure solutions encompassing mechanical, service, civil, structural steel, and facility management.

Relay merges with Fort Capital

Relay Transition Partners, founded nearly three years ago as an affiliate of Fort Capital Partners to serve small and medium-sized business (SMB) owners in the sale of their companies, has announced its merger with Fort Capital. Since its launch in June 2022, Relay has grown from two partners and one associate to a four-partner team with a strong track record of successful SMB transactions across Canada. This merger formalizes their close working relationship, unifies ownership, and enhances access to Fort Capital’s platform, while preserving Relay’s dedicated focus on businesses valued between $5 million and $50 million.

Alltrade rebrands to Barton Malow

Alltrade Industrial Contractors, a Canadian leader in energy, automotive, and industrial projects and part of the Barton Malow Family of Companies, has rebranded as Barton Malow Canada Ltd. The rebrand aims to strengthen integration between U.S. and Canadian teams while leveraging Barton Malow’s legacy and Alltrade’s growth in the renewable sector. The change will not affect the entity’s legal status or existing contracts. Acquired by Barton Malow in 2019, the Canadian team now includes over 100 members across offices in Ontario and Alberta, with a project portfolio exceeding 2 GW of renewable energy, 1,360 MWh of BESS, and over 4 million SF of EV battery manufacturing facilities.

Indigenous developer recognized for CSR efforts

Squamish Nation’s Nch’ḳaẏ Development Corporation has been named one of the most innovative companies in corporate social responsibility by Fast Company. Sen̓áḵw, a landmark development led by the Nch’ḳaẏ with Westbank, is transforming Vancouver’s coastline with 6,000 rental units across 11 high-rise towers on ancestral Squamish land. Exempt from city zoning rules, the project blends cultural revival, sustainability, and housing innovation, aiming to become Canada’s first large-scale net zero community.

Augmenta raises $10M in seed funding

Toronto-based Augmenta, an AI-powered design platform for the built environment, has raised $10 million in Seed funding led by Prelude Ventures, with participation from Montage Ventures. The funding will support the expansion of its Electrical System Design (ESD) agent, accelerate the development of Mechanical and Plumbing agents, and grow its sales and support teams. Led by CEO Francesco Iorio, Augmenta automates complex MEP/S design processes for the AEC industry, reducing errors, rework, and costs while enhancing sustainability. The raise follows a strategic partnership with BIM leader ENG to advance automated electrical design modeling for subcontractors.

Dillon partners with FBM

Dillon Consulting, headquartered in Toronto, has formed a partnership with FBM, a Halifax-based architecture, interior design, and planning firm. Established in 1917, FBM is one of Atlantic Canada’s leading design firms, with a team of over 55 employees. Dillon, founded in 1946 in London, Ontario, is an employee-owned firm. The partnership will allow both firms to support clients nationwide, with FBM continuing to operate independently as FBM Architecture. The collaboration builds on nearly two centuries of combined experience in resilience, innovation, and sustainability, aligning with their shared commitment to community and design excellence.

Ramudden adds safety companies

Ramudden Global has signed an agreement to acquire Curtin Co and Carolina Traffic Devices, expanding its leadership in road and urban safety infrastructure across the Southeast U.S. Based in Charlotte, NC, both companies provide traffic control solutions for contractors and government agencies, including products like temporary barriers, impact attenuators, portable traffic signals, and more. This acquisition aligns with Ramudden Global’s mission to enhance road safety solutions in North America, providing Curtin Co and Carolina Traffic Devices with additional resources for growth while maintaining their commitment to excellence, service, and innovation.

Universal Group acquires Airmaster

CAI Capital Partners announced that its portfolio company, the Universal Group, through its subsidiary Barricades and Signs Ltd., has successfully acquired Airmaster Sales Ltd., a manufacturer of traffic control signs based in Winnipeg, Man. Airmaster will expand Barricades’ capabilities. The acquisition was supported by equity co-investment partners BDC Capital, Roynat Equity Partners, and Frind Enterprises.

Graham Group merges with XL Industries

Graham Group has merged with XL Industries (XLI), a leading northern California construction firm, to expand delivery capacity in key growth sectors and strengthen Graham’s U.S. presence. With over $1.4 billion (USD) in project backlog, the merger immediately boosts Graham’s annual revenues and service offerings. XLI, which includes XL Construction and other subsidiaries, will join Graham’s U.S. Buildings group but retain its brand and leadership.

By joining forces, we’re growing our market presence and bringing even more innovation to the industry. XL Industries is known for its reliability and commitment to quality, just like us, making this partnership a great fit for both teams. There is no question that our combined strength, talent and innovation will grow our leadership in the industry.

Andy Trewick, CEO of Graham

PTAG to acquire Construct-X

PTAG Inc. has announced its agreement in principle to acquire 100% of Construct-X, a Houston-based leader in Advanced Work Packaging (AWP) and digital project execution. This strategic move unites two industry leaders known for collaborative contracting and innovative project delivery in industrial and infrastructure sectors. With a shared vision and history of partnership, PTAG and Construct-X aim to redefine capital project execution by offering integrated, data-driven solutions that enhance efficiency, predictability, and performance. The acquisition will be spotlighted at the Canadian Nuclear Association Annual Conference, highlighting their unified approach to transforming project delivery on a global scale.

Ottawa supports east coast mass timber industry

The Canadian government is investing $500,000, with a potential additional $10 million in conditional funding, to support MTC Mass Timber Company in building a high-tech manufacturing plant in Nova Scotia that will utilize under-valued eastern spruce. Touted as Canada’s first large-scale, clear-span timber manufacturing facility, the project will make MTC the first vertically integrated mass timber manufacturer in Atlantic Canada, with a capacity to construct 2.5 million square feet annually.

Northstar secures asphalt shingle recycling patent

Northstar Clean Technologies has secured a follow-on Canadian patent for Stage 3 of its proprietary asphalt shingle reprocessing technology, specifically covering the asphalt recovery process, with protection lasting until 2042. This patent strengthens Northstar’s intellectual property portfolio as it prepares to launch commercial production at its Calgary facility in mid-2025. Already holding patents in the U.S. and Canada, the company is actively pursuing additional protections internationally to solidify its leadership in the emerging asphalt shingle recycling industry.