Bird Construction Inc., Mississauga, Ontario, has signed a definitive agreement to acquire Fraser River Pile & Dredge (FRPD), Canada’s largest marine infrastructure, land foundation, and dredging contractor, for an estimated $82.3 million.
The deal is subject to regulatory approvals and closing conditions and is expected to be completed in the fourth quarter of 2025, a Bird press release said. Bird said the move strengthens its national infrastructure capabilities by adding FRPD’s self-perform marine and land foundation services.
Founded in 1911 and based in New Westminster, British Columbia, FRPD employs more than 300 people and operates a versatile fleet of marine and land construction equipment. The company has delivered some of Canada’s largest marine and dredging projects, from St. Lawrence Seaway and Churchill port expansions to environmental remediation in Hamilton Harbour.
Sarah Clark, FRPD’s president and CEO, called the acquisition “a pivotal part” of the company’s 115-year history. “We look forward to leveraging our combined strengths to create additional opportunities across our respective client bases. FRPD’s culture of high-quality delivery and self-perform capabilities, augmented by Bird’s extensive resources and complementary services, is a winning combination for the future,” she said.
The acquisition will be funded through a new debt facility, and Bird expects the transaction to be accretive to adjusted earnings per share by about 7% on a full-year basis. FRPD is projected to generate approximately $160 million in revenue and $20 million in adjusted EBITDA in 2025, which results in an implied purchase multiple of 4.1 times adjusted EBITDA, Bird said. On a pro forma basis, Bird said the deal strengthens its infrastructure vertical while maintaining its longstanding practice of low leverage.
Bird added that the acquisition aligns with its mergers and acquisitions strategy of targeting high-performing, complementary businesses with strong growth potential. By bringing FRPD into its portfolio, Bird expects to capitalize on demand for Canadian infrastructure, particularly large-scale projects in ports, transportation, trade, defense, and energy.
“FRPD is expected to be a catalyst for future growth, similar to our prior acquisitions,” said Teri McKibbon, Bird’s president and CEO. “The addition of unique self-perform capabilities provides Bird with a more comprehensive platform to support larger-scale projects for public and private clients across Canada.”
