Business Moves: January, 2025
Mergers, acquisitions, milestones and more in Canadian construction.

BBA, based in Mont-Saint-Hilaire, Quebec, has acquired Calgary-based Kilo Power, a consulting engineering firm specializing in utility-scale solar energy projects across North America and New Zealand. Kilo Power provides comprehensive services for photovoltaic (PV) generation, grid interconnections, and high- and medium-voltage AC systems. The acquisition aims to bolster BBA’s renewable energy footprint, particularly in Alberta, and enhance its capabilities in solar PV and battery energy storage solutions.
CPP Investments and Bridge Industrial have committed over $1.13 billion to establish a portfolio of industrial properties in core U.S. markets, with CPP owning 95% and Bridge managing the portfolio. The joint venture will focus on acquisitions and potential new developments to meet growing demand for logistics properties supporting faster shipping times in a market with limited warehouse construction space. This marks the second collaboration between the firms, following a 2021 venture investing $1.4 billion in developments in Miami and Los Angeles.

Western LNG has secured over $150 million in a private equity placement, led by Blackstone Energy Transition Partners, to advance its Ksi Lisims LNG and Prince Rupert Gas Transmission (PRGT) projects through to a Final Investment Decision (FID) expected in 2025. With cumulative investments now exceeding $265 million, the funding supports environmental permitting, engineering, and engagement with Indigenous and local stakeholders, including the Nisga’a Nation.
United Rentals announced its $4.8 billion acquisition of H&E Equipment Services to expand its presence in the U.S. equipment rental market, driven by strong demand from construction firms amid increased infrastructure spending and reshoring trends. The deal offers H&E shareholders $92 per share, a 109.4% premium, and includes a 35-day “go-shop” period for alternative bids. The merger will add nearly 64,000 units to United Rentals’ fleet and is expected to achieve $130 million in annual cost synergies within two years.
Forest products producer Marwood Ltd. has announced that it has agreed to purchase all of the assets of Fraser Specialty Products Ltd., operating as Fraser Wood Siding. Fredericton, N.B.-based Marwood said in a release that the acquisition will add a ninth manufacturing site to its network. Fraser, headquartered in Edmundston, N.B., manufactures and paints solid wood siding, trims, and shingles.

EllisDon Corporation has partnered with Palantir Technologies to deploy advanced AI and data analytics tools, enhancing its operational capabilities and driving growth in the construction technology sector. This collaboration, which began in summer 2024, leverages EllisDon’s modernized data infrastructure—developed over a decade—to optimize operations and improve efficiency.
GFL Environmental Inc. has agreed to sell its Environmental Services business to Apollo and BC Partners for $8 billion, while retaining a 44% equity stake. The transaction will provide GFL with approximately $6.2 billion in net cash proceeds, enabling it to reduce debt by up to $3.75 billion, allocate up to $2.25 billion for share repurchases, and use the remainder for transaction costs and general corporate purposes.
The sale of our Environmental Services business at an enterprise value of $8 billion is substantially above our initial expectations and is a testament to the quality of the business that we have built. The transaction will allow us to materially delever our balance sheet which will accelerate our path to an investment grade credit rating.
Patrick Dovigi, Founder and Chief Executive Officer of GFL
The First Nations Major Projects Coalition has announced the launch of ‘Nations Forward: First Nations in Major Projects’, a brand-new magazine produced in partnership with MediaEdge Communications.
Nations Forward will become the official voice of the FNMPC, delivering knowledge and resources to help advance fully informed decision-making regarding First Nations participation in major projects.
UK-based renewable energy company Low Carbon has signed a 10-year Power Purchase Agreement (PPA) with Quebec-based carbon removal developer Deep Sky to supply 10 GWh of renewable energy annually from its Lethbridge 1 solar project in Canada. This clean energy will power 100% of operations at Deep Sky’s Alberta facility, Deep Sky Alpha. The agreement underscores Low Carbon’s role as a leading independent power producer and aligns with the growing trend of organizations securing renewable energy contracts to meet climate goals. Both companies highlighted the importance of this partnership in supporting decarbonization and innovative carbon removal initiatives.
YRH Inc. and Pinargon Ltd., two Canadian consulting engineering firms specializing in telecommunications infrastructure and wireless communications, announced their merger, effective February 1, 2025, forming a unified entity under the YRH Inc. name. Combining decades of expertise, the merger will enhance their capabilities in wireless communications, telecom structures, fibre optics, and intelligent transportation systems (ITS), enabling them to offer more integrated and innovative services.
China’s Sinopec is in discussions with Pembina Pipeline for a potential liquefied natural gas (LNG) offtake agreement and an equity stake in the Cedar LNG project, a proposed $4 billion LNG export terminal in Canada. The project, a joint venture with the Haisla First Nation, would produce 3 million metric tons of LNG annually, with completion expected by 2028, pending a final investment decision in mid-2024.
