Bird Construction Inc.’s previously announced transaction to acquire Jacob Bros Construction has been successfully completed.
“We are very excited to welcome Jacob Bros into the Bird family, bringing a highly complementary team with shared values and strong leadership that will support our long-term growth strategy,” said Teri McKibbon, president and CEO of Bird.
“Not only does our combined company immediately add scale and diversification in B.C.’s high-demand infrastructure market, but will also enable us to offer more comprehensive solutions as we pursue projects of various size, complexity and scope. We look forward to continuing our strong track record of operational excellence and pursuing the robust opportunities in Western Canada together.”
In connection with the closing of the transaction, the company issued 1,490,922 Bird common shares, and borrowed $125 million under an available term loan facility in its recently amended Syndicated Credit Facility. The new term loan was used to repay existing term loans and to fund a portion of the acquisition consideration. The new term loan is repaid quarterly at a rate of 10 per cent of the original principal per year.