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Highlights
Bird Construction to acquire Fraser River Pile & Dredge (FRPD) for estimated CAD 82.3 million, adding national marine construction and land foundation capabilities.
Transaction expected to contribute approximately 7% Adjusted EPS accretion on a full-year basis and enhance Adjusted EBITDA margins.
FRPD expected to generate about CAD 160 million in revenue and CAD 20 million in Adjusted EBITDA on a pro forma basis.
Bird Construction Inc. (TSX:BDT) announced that it has entered into a definitive share purchase agreement to acquire Fraser River Pile & Dredge (FRPD) for an estimated aggregate consideration of CAD 82.3 million. The transaction is subject to regulatory approvals under the Competition Act (Canada) and other customary closing conditions, with completion anticipated in the fourth quarter of 2025.
Founded in 1911 and headquartered in New Westminster, British Columbia, FRPD is Canada’s oldest and largest privately-owned marine construction, land foundation, and dredging company. The company employs more than 300 professionals and has delivered some of the largest infrastructure projects in Western Canada. Its operations extend across the country, including port expansions, dredging in the St. Lawrence Seaway, northern infrastructure support, and marine environmental remediation projects.
The acquisition builds on Bird’s established presence in infrastructure and expands its self-perform expertise in marine and land foundation work. Bird stated that the addition of FRPD’s versatile fleet and specialized construction capabilities will further position the combined company to address Canada’s growing infrastructure needs, particularly in areas supporting transportation, trade, defence, and energy projects.
Strategic and Financial Details
Bird highlighted that the acquisition aligns with its M&A strategy of targeting complementary, culturally aligned businesses with growth potential. The transaction is expected to enhance Bird’s Adjusted EBITDA margins, driven by FRPD’s focus on complex, specialized projects and high-margin self-perform work.
On a financial basis, the CAD 82.3 million cash consideration will be funded through a new term debt facility. Bird confirmed that the company will maintain its practice of low leverage following the close. The purchase price represents an implied multiple of 4.1x FRPD’s projected full-year 2025 Adjusted EBITDA.
In connection with the transaction, Bird amended its Syndicated Credit Facility, extending the maturity to September 2028. The revised agreement includes a new CAD 215.6 million term loan facility to refinance existing debt, fund the acquisition, and repay a portion of non-current revolving debt.
Following completion, the acquisition is projected to be approximately 7% accretive to Bird’s Adjusted Earnings Per Share on a full-year basis compared with 2025 consensus estimates. Additional accretion may be realized through synergies, including cross-selling opportunities across Bird’s existing operations.
On a pro forma basis, FRPD is expected to contribute about CAD 160 million in revenue and CAD 20 million in Adjusted EBITDA. Bird emphasized that FRPD’s backlog and long-term dredging contract, combined with the potential for synergies, will support future growth.
