- Black Diamond Group Ltd. (BDI) closed its acquisition within its Modular Space Solutions (MSS) segment
- The target is a modular building rental company in Ontario with 1,851 units focused on the education and government sector
- This brings the company’s MSS rental fleet to more than 11,000 units (or 560,000 sq. metres of rentable space) across North America
- Black Diamond Group (BDI) was down 0.69 per cent, trading at C$4.32 per share as of 4:05 pm ET
Black Diamond Group Ltd. (BDI) closed its acquisition within its Modular Space Solutions (MSS) segment.
The target is a modular building rental company in Ontario with 1,851 units 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 $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 12 months was $7.8 million. Management expects growth in the target’s adjusted EBITDA in 2023.
This brings the company’s MSS rental fleet to more than 11,000 units (or 560,000 sq. metres of rentable space) across North America. Also included in the acquisition is $33 million of contracted revenue, most of which is rental.
Black Diamond’s Chairman & CEO, Trevor Haynes, said that this move accelerates the company’s growth and diversification within the MSS business.
“We view the target as a leader in this market and believe there are attractive opportunities for ongoing growth while continuing to offer the exceptional service levels and operational excellence that the target and its customers are accustomed to.”
Black Diamond Group Ltd. (BDI) rents and sells space rental solutions and modular workforce accommodations to business customers in Canada, the United States and Australia.
Black Diamond Group (BDI) was down 0.69 per cent, trading at C$4.32 per share as of 4:05 pm ET.