Toronto-based firm buys Metro Vancouver construction company
Metro Vancouver’s Jacob Bros Construction is now officially part of the Canada-wide construction giant Bird Construction.
Toronto-based Bird announced today it completed the acquisition of Surrey-based Jacob Bros.
“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, in a statement.
“Not only does our combined company immediately add scale and diversification in BC’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.”
To complete the deal, Bird issued 1,490,922 common shares and borrowed $125 million, which was used to repay existing term loans and fund a portion of the acquisition.
According to Jacob Bros’ website, the company’s sole office, headquarters, and maintenance hub location is a 50,000 sq ft facility it built in Surrey in 2018. Some of their most prominent projects include the 2014 construction of the 21-storey Hotel Blu and Residences on Robson Street next to BC Place Stadium, a portion of the stations on Millennium Line SkyTrain’s Evergreen Extension in 2016, the redesigned North Plaza (West Georgia Plaza) of the Vancouver Art Gallery in 2017, and the extensive 2019 renovations to the Georgian Court Hotel.
Jacob Bros was also recently selected by the City of Vancouver as the contractor to build the new Bute-Robson Plaza. Construction began earlier this summer and is targeted for completion by late 2025.
It should be noted that Bird, which has offices across Canada, already has a strong presence in British Columbia, with offices in Vancouver and Kelowna. Bird has built major local hospitals, university buildings, and community and recreational centres, including UBC Thunderbird Sports Centre. This week, the Government of British Columbia announced a consortium of companies that includes Bird has been shortlisted to build the $1.96 billion Richmond Hospital redevelopment.
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