Business Moves: Nov. 2024

Canada’s construction and industrial sectors are buzzing with significant business moves and milestones. From hcma’s expansion into Calgary and SiteTechnology’s strategic acquisition of Quicktech to Corfix’s successful Series A funding and Carbon Upcycling Technologies’ breakthrough in low-carbon cement, the industry is witnessing transformative growth and innovation. Major developments also include the Calgary Construction Association’s 80th anniversary celebration, Candu Energy’s international reactor project, and the Government of Canada’s ownership restoration of the historic Québec Bridge. These updates highlight the dynamic evolution of Canada’s construction landscape and its growing impact both domestically and abroad. Check out all the biggest business moves from the past few weeks below:

Architecture firm hcma has landed in Calgary. The company’s new Alberta office is being led by Darin Harding, Associate Principal at hcma. The firm noted that its Edmonton office has grown steadily since 2020 with Associate Principal Michael Rivest at the helm. Officials noted that with major southern Alberta projects now on the go, it only made sense to establish a permanent base in Calgary and further cement their presence in Alberta.

SiteTechnology has completed the acquisition of Quicktech, a Managed IT Services provider with a 20-year track record of serving businesses across Canada. This brings SiteTech’s headcount to nearly 40 technology professionals. SiteTech stated that the acquisition is a strategic move that dramatically expands its ability to support mid-market, growth-oriented businesses.

Calgary is a place committed to advancing accessible and inclusive design, exploring pathways toward green building, and maximizing positive social impact. We’ve experienced it firsthand, as both residents and visitors. We’re excited to be part of this creative force, to nurture relationships, and discover new opportunities to spark lasting change in Alberta’s Blue-Sky City.

Darin Harding, Associate Principal, hcma

Eeffective November 1, 2024, Alta West Capital will begin its strategic partnership with TriWest Capital Partners (TWCP), marking a pivotal moment in the company’s tenure. AWC’s growth in recent years—driven by rigorous underwriting, competitive rates, and a dedicated team—has drawn the attention of TWCP, one of Canada’s leading private equity firms. This partnership will strengthen our foundation, enhance scalability, and expand our ability to serve stakeholders.

Aecon Group Inc. has announced its acquisition of United Engineers & Constructors Inc., a U.S.-based nuclear and conventional power contractor, for US$33 million, payable in cash. Founded in 1905, United specializes in nuclear power plant life extensions, small modular reactor projects, and recurring work under Master Service Agreements.

Construction and infrastructure company Acres Enterprises has entered into an MOU with the Sugar Cane Development Corporation, the economic arm of the Williams Lake First Nation.

The Calgary Construction Association celebrated its 80th anniversery with a special gala. The group noted that from modest beginnings, the association has grown alongside Calgary, adapting, and advancing to support a dynamic, ambitious city. They added that the milestone is more than a passage of time; it stands as a tribute to the hard work and vision of all who have contributed to this journey—the builders, leaders, and every professional committed to shaping this industry.

Carbon Upcycling Technologies, Inc. (Carbon Upcycling), a Calgary-based decarbonization and carbon capture & utilization (CCU) company, along with the Minnesota Department of Transportation (MnDOT) and the National Road Research Alliance (NRRA) has completed a three-year study on the use of low-carbon cement in highways. Carbon Upcycling’s CO2-enhanced mix achieved a 12.5% reduction in cement content while matching the workability of traditional concrete.

Candu Energy Inc., an AtkinsRéalis company, in a joint venture with Fluor Corporation, Ansaldo Nucleare and Sargent & Lundy, has been awarded a contract from EnergoNuclear S.A., to build two new CANDU reactors at the Cernavoda Nuclear Generating Station in Romania; the first in the world since 2007.

This is a game changing contract for AtkinsRéalis and Romania. As the sole commercial licensee of world-renowned CANDU technology, we are uniquely positioned to contribute to the vast expansion of the world’s clean power

Ian L. Edwards, President and Chief Executive Officer, AtkinsRéalis

Deep Sky, the Canadian carbon removal project developer, has sold carbon removal credits to its founding buyers including Royal Bank of Canada and Microsoft. In return, Deep Sky intends to facilitate the removal of 10,000 tonnes of CO₂ from the atmosphere over a 10-year period via Deep Sky Labs, the world’s first carbon removal innovation and commercialization center. 

Ottawa-based Corfix, a provider of all-in-one construction management software, announced the close of its Series A funding round, securing investment from US-based Reformation Partners. This strategic partnership will enable Corfix to accelerate product development, increase presence in the U.S., and advance its mission to modernize construction project management through worker-focused technology.

The Government of Canada has officially regained ownership of the historic Québec Bridge, following an agreement with Canadian National Railway (CN). Management of the bridge, including its rehabilitation plan, will be overseen by the federal Crown corporation Jacques Cartier and Champlain Bridges Incorporated (JCCBI), leveraging its expertise from managing other major Canadian bridges. A $40 million annual investment over 25 years will fund inspections, steel and pier repairs, corrosion protection, and painting.

Toronto-based SolarBank Corporation, a provider of renewable energy solutions, announced its strategic expansion into the rapidly growing data center market. In alignment with its commitment to harnessing clean energy technologies, SolarBank says it intends to pursue opportunities as a developer, owner, and strategic partner in data center infrastructure, supporting the demand for high-performance, sustainable energy solutions within the sector.

Baker Real Estate is launching a dedicated Purpose-Built Rental Division. It will offer developers, many of whom are increasingly focused on purpose-built rentals, an opportunity to achieve stabilized buildings with full occupancy faster.

Xypex Chemical Corporation has announced that, effective November 1, 2024, Concrete Waterproofing Manufacturing Pty. Ltd. (CWM), trading as Xypex Australia, which also includes CWM’s subsidiary XMS (Thailand), and, National Concrete Solutions (NCS) will become wholly owned subsidiaries of Xypex Chemical Corporation, headquartered in Vancouver, B.C.

Alberta-based Empire Drywall has launched has launched a new siding division. Officials say the goal is to reduce contractor scheduling challenges at the jobsite. he siding division is the latest new venture for the 55-year-old company, joining a new roofing service that was added earlier this year.