Q&A: Will Hoban aims to replace aging infrastructure
The Enviro-Ex founder has acquired a major bridge builder to set up for success.
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.
We caught up with Hoban to discuss this milestone and get some of the details behind the big move.
SiteNews: How did Formula come on your radar and what about it stood out to you as a good acquisition?
William Hoban: I’ve known founder Peter [Thwaites] for years. Peter had sold to Brian Fehr Group and was looking to divest their investment. It happened to be the right time for us as we were looking to expand and grow, and they are a well-known brand in the north and B.C. as a bridge builder.
How does Formula fit into your current business strategy?
I think we have aging infrastructure all around in Canada. That’s not just roads but also bridges. Formula has been really good at bridges and Enviro-Ex was getting into the bridge space. It became obvious that we needed to look to other avenues to grow our business with people. I need to make it clear Enviro-Ex and Formula are not amalgamated. They are two separate operating entities and will continue to be. We’ve changed the name to go back to its original roots, similar to its original name.
This was Dynamic Capital’s largest transaction to date. What role did they play in this acquisition?
I’ve known Dustin [White] for quite a few years, back when he was with GE Capital and I’ve kept in touch with him. He’s been on his own for quite a while, and at Christmas time he was in Prince George and we connected for coffee. He thought he would be able to put this together quickly and easily. He was able to finance an entire deal for us and at the same time do so quickly and professionally.
How important is quick access to capital for entrepreneurs like yourself?
I think without having access to capital and people who can do things quickly, faster than traditional banks, the ability to grow with your own cash is minimal. We have largely self funded our growth, but this was a larger transaction and required some capital,
What will the transition process look like?
I think Formula has a lot of strengths as does Enviro-Ex and we are looking to utilize the two companies’ internal strengths for the benefit of each other. Some processes are better with Formula and vice versa, so we are looking to capture the best of both worlds to make sure both companies are stronger. Other than that wont be much change at all. Clients and employees wont see much change. They are basically business as usual.
What advice would you give to other construction leaders considering acquisition as a growth strategy?
It’s a long process. Buckle up.
