Black Diamond Group Limited Announces Strategic Acquisition Of Ontario Based Modular Rental Company
10/31/22, 10:01 PM
Industry
real estate
Black Diamond Group Limited (“Black Diamond or the “Company” or “Management”) (TSX: BDI), a leading provider of space rental and workforce accommodation, today announced the closing of a strategic acquisition (“Acquisition” or “Target”) within its Modular Space Solutions (“MSS”) segment. The Target is a modular building rental company in Ontario with 1,851 units primarily focused on the education and government sector. The purchase price for the Target was $54.5 million, including the assumption of debt. Black Diamond is also funding approximately $4 million of the Target’s remaining 2022 growth capex for customers that have signed long term contracts. Adjusted EBITDA for the Target over the last twelve months was approximately $7.8 million. Based on recently added assets and corresponding rental contracts, Management expects growth in Target’s Adjusted EBITDA in 2023.
Company Info
Company info
Black Diamond is a specialty rentals and industrial services Company with two operating business units - Modular Space Solutions (MSS) and Workforce Solutions (WFS). We operate in Canada, the United States, and Australia. MSS through its principal brands, BOXX Modular, Britco, MPA, and Schiavi, owns a large rental fleet of modular buildings of various types and sizes. Its network of local branches rent, sell, service, and provide ancillary products and services to a diverse customer base in the construction, industrial, education, financial, and government sectors. WFS owns a large rental fleet of modular accommodation assets of all types and sizes and a fleet of liquid and solid containment assets. Its regional operating terminals rent, sell, service, and provide ancillary products and services including turn-key operated camps to a wide array of customers in the resource, infrastructure, construction, disaster recovery, and education sectors. The WFS business unit also includes the Company’s wholly owned subsidiary, LodgeLink, which operates a digital marketplace for business-to-business crew accommodation, travel, and logistics in North America.
Learn more at www.blackdiamondgroup.com.