Business Moves: December 2024

Pomerleau Capital Inc., the financial arm of Pomerleau Inc., has completed the second round of financing for its PCap Real Assets Fund L.P., raising the fund’s total value to over $200 million with support from CDPQ and six new financial partners. The fund, established in 2021, aims to reach $500 million and focuses on long-term investments in infrastructure, energy transition, and building projects across Canada, guided by ESG criteria.

Given the growing needs of communities, private enterprise has a vital role to play in financing the construction of sustainable infrastructure. We would like to thank the CDPQ for their renewed confidence, and the commitments of our six new partners. They are firmly rooted in the Québec business community and undertake major activities reaching right across Canada. Our PCap Fund now exceeds $200 million, strengthening our room for manoeuvre and diversifying our business opportunities.

Philippe Adam, Pomerleau CEO

Procore Technologies announced its acquisition of Edmonton-based Intelliwave Technologies during its Groundbreak 2024 conference, where it also unveiled new innovations, including its Resource Management system. This all-in-one solution integrates labour, equipment, and materials tracking with Procore’s AI Agents for enhanced visibility, forecasting, and risk management to boost productivity and profitability. The acquisition of Intelliwave adds its materials management software, SiteSense, to Procore’s platform, strengthening Resource Management’s capabilities for end-to-end control of project resources.

Bothwell Accurate Co. Inc. announced the amalgamation of itself and Glastech Glazing Contractors. The company said the move represented two industry leaders coming together to build a stronger future in construction and glazing services.

NuFrame Group has officially opened its NuFrame Panels facility in Chilliwack, B.C. Officials stated that new facility represents a major step forward for NuFrame and its commitment to quality, efficiency, and innovation in construction.

Quikrete plans to acquire Summit Materials in a deal valued at $11.5 billion. The transaction combines Summit’s aggregates, cement and ready-mix concrete businesses with Quikrete’s concrete and cement-based products business to create a vertically integrated, North American construction materials solution.

EllisDon Corporation and Impulse Partners have announced a successful second round of its ConTech Accelerator program. From over 165 submissions, 30 were selected as the top contenders. Following a series of interviews, representatives from the eight finalist startups traveled to EllisDon’s Mississauga office to pitch their innovative ideas in person. The ultimate winners were SALUS, EHAB and Specter Automation.

CustomAir, has successfully completed two acquisitions: Power Plus Electric Ltd. and assets of I.C.R. Air Inc. ICR strengthens CustomAir’s presence in the British Columbia interior, where the Company already has a significant foothold. Power Plus’ electrical expertise expands CustomAir’s core HVAC capabilities, positioning the company to address the increasing demand for decarbonization and electrification.

The growing demand for decarbonization and the shift away from fossil fuels for environmental comfort and process efficiency has accelerated the push towards electrification. CustomAir is at the forefront in developing electrically driven solutions as the main option for interconnected systems, making electrical expertise essential to delivering comprehensive services. With Power Plus’ expertise, we are well positioned to meet the evolving needs of our customers.

Peter Harteveld, CustomAir’s founder and CEO

Stack Modular has unveiled its rebranding. The company says its rebranding reflects its commitment to growth and cutting-edge technology. The rebrand features a new logo and updated visuals.

Our new brand is a testament to our unwavering commitment to innovation and excellence in modular construction. It reflects our journey, growth, and vision for the future. We’re excited to keep turning heads and transforming how the world builds.

Jim Dunn, CEO, Stack Modular

Aecon Utilities Group Inc. has announced it has acquired Ainsworth Power Construction (APC), which is an electrical services and power systems business unit of Ainsworth, headquartered in Toronto, from GDI Integrated Facility Services. APC’s management and operational teams are joining Aecon Utilities through the transaction. APC has over 80 employees and 80 years experience as a technical services contractor for electrical utility clients, primarily in Ontario.

CAI Capital Partners announced that its portfolio company, the Universal Group, and its related companies has successfully closed the acquisition of Barricades and Signs Ltd. Barricades, headquartered near Edmonton, Alberta, was founded in 2004 by Robert and Fran van Bruggen and has grown into a leading traffic control company with operations across Alberta, British Columbia, Manitoba, and Saskatchewan.

Coquitlam Ridge Constructors, Emil Anderson Construction, Conwest Contracting, Lafarge Canada, Yellowhead Road & Bridge (Fort George) and Cutting Edge Consulting have all recieved recognition for this year’s B.C. Transportation Contractor of they Year awards.

These awards are a spotlight on the tremendous contributions that construction and maintenance contractors make to life in British Columbia. By supporting our world-class highway system, they keep travellers safe, our communities connected and our economy strong. The stories behind this year’s winners point to the entire sector’s commitment to public service, effective partnerships and excellence in road construction and maintenance.

Mike Farnworth, Minister of Transportation and Transit

CIMA+ has acquired Vancouver-based Recollective Consulting, which specializes in sustainable site management strategies, green building guidelines, Leadership in Energy and Environmental Design (LEED) and zero-carbon building design. The acquisition expands CIMA+’s expertise in sustainable development and presence in British Columbia. Recollective has worked on more than 750 green buildings and completed more than 100 LEED certifications, more than 20 energy models and more than 75 embodied carbon analyses.

Falcon Equipment has partnered with RELAM Inc. as a new strategic equity partner. Officials noted that Falcon’s focus does not change. Its name, people, products and how it does things remains the same. They added that with RELAM as our long-term strategic partner, it is poised to supercharge growth and broaden market presence.”

ConstructionClock announced the successful completion of a $1 million pre-seed raise. ConstructionClock is an app that automatically clocks workers in and out of job sites based on their geo-location without ever taking out a phone or opening the app.