Bird Construction Inc., through its wholly owned subsidiary Bird Construction Company Limited, completed its acquisi-tion of all of the outstanding shares of H.J. O'Connell Limited for approximately $78.5 million.
Bird funded the acquisition through $15 million of vendor take back notes, $30.6 million of equipment financing on the current H.J. O'Connell equipment fleet and the balance of approximately $32.9 million from existing working capital. The equipment financing is for a term of five years and split equally between fixed and variable interest rates.
Learn more about equipment finance in Canada here.
As a result of the acquisition, Bird will be able to expand its civil industrial business into new scopes of work. Also, Bird's recognized expertise in industrial building construction creates opportunities to expand the services offered to H.J. O'Connell's customers.
H.J. O'Connell was advised by Miller Thomson LLP with a team led by Fred Braman, with Lucie Kouyoumijian and Alain Laplante (M&A); Richard Barbacki and Nathalie Marchand (tax); Andrew Roman (competition) and David Borges and Gregory Hanmer (Ontario law conformity).
Bird Construction Company Limited was advised by Davies Ward Phillips & Vineberg LLP with a team comprising Jennifer Grossklaus and Anthony Spadaro (M&A); Stephen Ruby and Paul Lamarre (tax) and Mark Katz (competition).
