Bird Construction and Stuart Olson have announced that they have entered into a definitive arrangement agreement where Bird will acquire Stuart Olson for $96.5 million. The deal is expected to close early in the fourth quarter of this year, subject to obtaining the required approvals.
“The combination of our two businesses will create a company with substantially increased breadth and scale, diversified across services, end-markets and geographies,” said Terrance L. McKibbon, president and CEO of Bird.
The merger will see a combined workforce of 5,000 people with an established presence in a number of Canadian markets. Both companies have a similar history with roots dating back more than 100 years in Canada and share a strategic focus on growth and strong cultural alignment throughout their organizations.
“In the face of the challenges currently being experienced by Stuart Olson, including operating under risks related to the COVID-19 pandemic, and the significant economic changes in Canada, it’s a move that renews opportunities for our people, expands new services to our clients and is expected to create long-term value for all our stakeholders,” said David LeMay, president and CEO of Stuart Olson.
Based in Mississauga, Bird Construction provides services focused primarily on new construction for industrial, commercial and institutional markets as well as heavy civil construction and contract surface mining sectors.
Stuart Olson Inc., based in Calgary, provides construction services including vertical infrastructure and electrical building systems contracting in the public and private construction markets as well as a full suite of services including, electrical, mechanical and specialty trades, such as insulation, cladding and asbestos abatement, in the industrial construction and services market.