Business Moves: July, 2024

*Editor’s Note: Emails, video calls, regular calls, paperwork, site visits—most construction professionals don’t have hours to go through press releases and news articles detailing the latest business deal in the industry. But we do. Each month we distill all that information into a pure, concentrated syrup called Business Moves. This month was big for sustainable companies, Indigenous partnerships, tech funds and more.

Buffalo River Developments LP has acquired majority interest in Threeosix Industrial Services Inc. The groups reached an agreement where Buffalo River Dene Nation, via its development corporation Buffalo River Developments LP, completed a significant investment in Threeosix in exchange for a majority stake in the group of companies. Threeosix is a multi-discipline industrial solutions provider based in Saskatoon, Sask. Buffalo River Developments is the wholly-owned economic development corporation of the Buffalo River Dene Nation.

Volvo Group and Westport Fuel Systems Inc. have formed joint venture to promote, develop and further accelerate the commercialization of the high pressure direct injection (HPDI) technology—a fuel system used to reduce CO2 in long-haul trucking and other high-load and off-road applications.

Parity, a remote HVAC optimization as a service company for multifamily buildings and hotels, announced today the successful closing of its USD $19M Series B funding round. Parity aims to limit energy waste and maximizes demand response performance by remotely operating existing heating, ventilation, and cooling systems in real-time. The round was completed by Idealist Capital, joining existing investors ArcTern Ventures, Wyse Meter Solutions Inc., and RET Ventures.

The Hillcore Group, an independent Canadian investment firm, successfully completed the acquisition of CEDA, which has been majority-owned by OMERS since 2005. CEDA specializes in providing industrial maintenance, turnaround and environmental services to clients in the oil and gas, pipeline, power, pulp and paper, chemical, mining, municipal and steel markets.

Schneider Electric, a global digital energy management and automation company, is transforming its Digital Buildings business in Canada with the launch of the SMART Buildings Division. The company stated that this evolution marks a strategic move to deliver comprehensive solutions and services that support building owners and operators in achieving their decarbonization and sustainability goals.

Through our SMART Buildings division in Canada, we’re set to enhance efficiency, sustainability, and occupant comfort. Our goal is to empower building owners and operators to create smarter, more efficient spaces for a sustainable future

Emily Heitman, President of Schneider Electric Canada

Backwoods Energy Services, one of the largest and most sophisticated Indigenous-owned contractors in Western Canada, has formed a strategic partnership with Kihew Fabco, an Indigenous-owned fabrication shop in Saskatchewan. The partnership is poised to strengthen the capacity of both organizations through the creation of employment opportunities, training programs, and revenue streams that directly contribute to community initiatives.

Canada-based companies Stantec and WSP have both made Time Magazine’s first list of the world’s 500 Most Sustainable Companies. The top spot on the list went to a company previously mentioned in this month’s edition of business moves, Schneider Electric, which is based in France. Stantec ranked 14th and WSP ranked 54th.

Electrical distributor EECOL Electric announced that it has acquired Independent Electric Supply of Toronto. Independent, with its 40 team members, has been serving customers in the Toronto area market since 1921. Officials said the acquisition underscores our dedication to serving customers across Canada with unparalleled service and top-quality products from hundreds of premier manufacturers

Pembina Gas Infrastructure Inc. (PGI), a gas processing entity in Western Canada jointly owned by Pembina and KKR, has entered into a purchase and sale agreement with Whitecap Resources Inc. to acquire a 50% working interest in Whitecap’s 15-07 Kaybob Complex as well as executed an agreement to support the future infrastructure development for Whitecap’s Lator growth area. Gross proceeds related to the transaction are $420 million ($252 million, net to Pembina).

Aecon Utilities, a subsidiary of Aecon Group, has acquired a majority stake in Xtreme Powerline Construction, a Michigan-based electrical distribution utility contractor, for $73 million. The acquisition will allow Aecon Utilities to expand its U.S. presence and services offered, particularly in repairing and upgrading electrical grids. Xtreme’s management will retain a minority ownership and leadership roles, while Aecon Utilities gains access to Xtreme’s expertise and client relationships.

Blackhorn Ventures has announced the close of its third fund, Blackhorn Ventures Industrial Impact Fund II, LP (IIF II). With $150M in commitments towards the new fund, Blackhorn says its team is exceptionally well-positioned to partner with world-class founders. Its focus is seed and Series A stage investments into capital-efficient software solutions, vertical SaaS companies, and AI applications that address the urgent need for industrial resource efficiency and decarbonization at scale.

e-Zinc, a company focused on long-duration energy storage with its zinc-air battery, announced it has raised an additional USD $31 million in follow-on funding to its $25 million Series A round. This oversubscribed Series A2 round was led by Evok Innovations, with additional investments from Mitsubishi Heavy Industries, Export Development Canada (EDC), and Ultratech Capital Partners. e-Zinc’s existing shareholders also participated, including Toyota Ventures, Eni Next, Anzu Partners, BDC, and Graphite Ventures. e-Zinc plans to use this financing to accelerate product development and complete the construction of its 42,000 sq. ft pilot manufacturing facility in Mississauga, Ont.

Ironspring Ventures has announced $100 million in new funds to continue partnering with early-stage founders who are creating change and catalyzing innovation across the industrial supply chain. Ironspring officials stated that there’s never been a better time to invest in these critical industrial industries. They added that infusion of new capital will fuel their ability to back the entrepreneurs and teams who are revolutionizing the way the world designs, builds, distributes, and operates in the physical world.

Ramudden Global has announced the acquisition of RSG International, a group of road safety businesses based in Toronto. With this acquisition, Ramudden Global surpasses $1.74 billion in revenue and more than 5,000 employees in 12 countries.

I see this as a breakthrough for our business and a great opportunity for our staff to embark on an exciting journey. Combining forces enables us to gain the strength needed to realize our expansion plans. By combining European and North American expertise, we aim to bolster our offerings and deliver superior infrastructure safety solutions in our region

Lisa Laronde, President or RSG

Steelhead LNG, a Vancouver-based developer in the liquefied natural gas (LNG) industry, announced the recent award of patents in the U.S. and South Korea in relation to its proprietary near-shore floating LNG production facility system. The patents cover pivotal aspects of Steelhead’s approach to liquifying natural gas for export and are in addition to the patents already issued to Steelhead LNG in Canada, Australia and Mexico.

Pennsylvania-based infrastructure product provider JENNMAR has acquired Dumotech Industrial Products in Quebec. JENNMAR said that Dumotech complements JENNMAR’s offering of infrastructure products and specialized services to the civil, solar, mining and construction industries, and strengthens its presence in Quebec through an expanded product range and local proximity to the region’s mines.

DC Equipment has opened a new manufacturing facility in Prince George, B.C. marking the return of Madill equipment production to B.C. The first machines to be produced at this facility will be the Madill 3000B Log Loaders.

Advanced Construction Robotics (ACR), announced it has entered into an agreement with Nucor Rebar Fabrication, Inc. (Nucor), North America’s largest fabricator and installer of rebar. This partnership will introduce cutting-edge technologies into Nucor’s operations.