GIP acquires Newfoundland-based Pennecon Limited

Green Infrastructure Partners (GIP), one of Canada’s largest integrated infrastructure companies, has acquired Newfoundland-based contractor Pennecon Limited.

The deal brings one of Atlantic Canada’s most prominent construction firms under the GIP banner. While financial details were not disclosed, GIP executives have publicly confirmed the acquisition and welcomed Pennecon staff into the company.

“This acquisition expands GIP’s geographical footprint and scope of work, strengthening our position as a leading self-performing service provider across Canada,” said John Pontarollo, COO at GIP, in a post on LinkedIn. “I’m excited about the future we’re building together as we welcome Pennecon’s employees. Together we will continue delivering safe and exceptional integrated solutions, now as One GIP team.”

Pennecon, founded in 1970, has grown into a national firm specializing in heavy civil construction, industrial services, marine infrastructure, and maintenance. Headquartered in St. John’s, the company has worked on major energy, infrastructure and transportation projects across Canada and was recently recognized as a Platinum Club member in Canada’s Best Managed Companies program.

Based in Markham, Ont., GIP offers services ranging from excavation and paving to demolition and structural work. It was created in 2022 through a spin-off from GFL Environmental and has since grown through a series of acquisitions, including Coco Paving and Aecon’s roadbuilding business in Ontario.