Nexii buyer prepares to relaunch the B.C. green building startup
The Texas-based buyers say the restructured company, NEXII, will be a hit in North America.
Key Takeaways:
- NEXII Inc. acquired the assets of Nexii Building Solutions on June 28, 2024, under Canadian court authority, and is set to relaunch NEXII’s products. This acquisition includes significant investments in the company’s infrastructure and workforce to enhance production capacity, quality, and safety.
- NEXII specializes in precision-manufactured structural wall and roof panels that significantly reduce construction timelines and the carbon footprint compared to traditional concrete.
- Experienced professionals, including Bill Tucker as the interim CEO, are leading the restructuring and expansion of NEXII. The company is investing $8 million into upgrading its flagship Squamish, B.C. manufacturing plant.
The Whole Story:
NEXII Inc. has completed the acquisition of Nexii Building Solutions’ assets under the authority of the Canadian court on June 28, 2024, setting the stage for the relaunch of NEXII’s products.
NEXII specializes in precision-manufactured structural wall and roof panel systems for the building industry, addressing rising construction costs, the demand for shorter schedules, and the need for a reduced carbon footprint. NEXII’s technology aims to accelerate construction timelines and reduce the carbon footprint to a third of that produced by traditional concrete walls. Leading multinational companies such as Walmart, Chase Bank, AECOM, and Starbucks have used NEXII’s panels, known for their durability, energy savings, and efficient installation.
Russ Lambert, a principal with 3 Gates, noted that, “NEXII’s construction techniques are truly superior in every way to conventional methods. We believe that with the relaunch, the restructured NEXII will be a very successful North American tech success story – NEXII is a winner.”
NEXII has retained many of its current employees and is investing $8 million into retrofitting the flagship Squamish, B.C. manufacturing plant to enhance its production capacity, quality, and safety.
“We were immediately impressed with the quality and commitment of the Squamish workforce, and it was an easy decision to remain there and continue to invest in the plant, with plans to upgrade and expand operations,” said Blake Beckham, another principal with 3 Gates. “Both the Canadian workforce and the Squamish plant are crucial elements of our goal to create high quality, environmentally friendly buildings throughout North America.”
Omicron CEO Bill Tucker has been appointed as the bridge CEO to oversee the restructuring and expansion of NEXII. Tucker will later transition to the Board of Directors as the Canadian representative.
“I am pleased to be a part of this important effort to restructure and expand NEXII,” said Tucker. “Our collective vision is to build a profitable company driving impactful change in carbon reduction and schedule enhancement in the North American construction industry.”
Tucker noted that operations transitioned from the old company to NEXII, Inc. on July 24, 2024.
The buyer’s principals, based in Dallas, Texas, are experienced in restructuring and distressed workouts. These Principals have the experience and expertise necessary to foster an environment for NEXII to thrive and grow into a powerful force in the North American construction industry.
Before being placed under creditor protection earlier this year, Nexii boasted that it was fastest company in Canadian history to reach “unicorn” status, a $1 billion valuation.
