Dynamic Capital funds major acquisition in Western Canada

Key Takeaways:

• Dynamic Capital Equipment Finance Ltd. has completed its largest transaction to date by funding the acquisition of Formula Contractors Ltd. by Prince George-based entrepreneur Will Hoban, showcasing its capacity to support large, strategic deals in capital-intensive sectors.
• Will Hoban aims to build on Formula’s decades-long reputation in Western Canada’s heavy civil construction industry, retaining its brand identity while restoring its original name, Formula Contractors Piling & Bridge Ltd., and focusing on continued growth across infrastructure and energy sectors.
• The deal underscores Dynamic Capital’s role as a key enabler for entrepreneurial expansion, reinforcing its position as a national leader in equipment finance through fast, flexible, and strategic support for major transactions.

The Whole Story:

Dynamic Capital Equipment Finance Ltd. (Dynamic Capital) has closed its largest transaction to date – funding the acquisition of Formula Contractors Ltd. (Formula) by Prince George-based entrepreneur Will Hoban.

Formula, formerly known as Formula Piling & Bridge Contractors Ltd., has been a cornerstone in Western Canada’s heavy civil construction industry since the 1970s. With this acquisition, Hoban aims to build on the company’s long-standing reputation for quality, reliability, and innovation across infrastructure, energy, and resource sectors.

“This is a landmark moment for us at Dynamic Capital,” said Dustin White, CEO of Dynamic Capital. “It’s the largest transaction we’ve financed to date, not just in size, but in strategic impact. As a covenant-light, true term lender, we pride ourselves on our ability to move quickly and decisively to support entrepreneurs making bold moves in capital-intensive industries.”

Formula has grown from a skilled team of bridge builders into a leading provider of construction, engineering, contracted services, and heavy equipment solutions. Today, it serves a broad range of sectors-from oil and gas to renewable energy-delivering excellence across every project.

Under Hoban’s leadership, the company will continue to operate under its current brand, Formula Contractors, but return to its roots with an incorporated name of Formula Contractors Piling & Bridge Ltd., while maintaining its independent brand identity and strong commitment to Western Canadian markets.

“Formula stands as a legacy of integrity and excellence in infrastructure and construction,” said Will Hoban, President of Formula Pile & Bridge Ltd. “I have immense respect for the long-standing relationship with Formula and deep admiration for its founder, Peter Thwaites, an industry pioneer whose vision and leadership shaped this company into what it is today. I’m honored to lead the next chapter of growth, investing in the people, equipment, and relationships that have made Formula a trusted name in the industry.”

“The Formula acquisition is especially meaningful given the strength of the business and our ability to support an entrepreneur like Will Hoban in his vision,” added White. “Helping bring this deal together with speed and certainty reflects exactly what Dynamic Capital was built to do.”

This transaction marks an exciting new chapter for Formula, while reinforcing Dynamic Capital’s position as a national leader in equipment finance – delivering capital, confidence and execution at scale.