Black Diamond Group Limited Announces Strategic Acquisition Of Ontario Based Modular Rental Company
Acquiring Company
Black Diamond Group
Acquired Company
Modular Rental
CalgaryReal EstateHospitalityHotelDescription
Black Diamond Group Limited (“Black Diamond or the “Company” or “Management”) (TSX: BDI), a leading provider of space rental and workforce accommodation, today announced the closing of a strategic acquisition (“Acquisition” or “Target”) within its Modular Space Solutions (“MSS”) segment. The Target is a modular building rental company in Ontario with 1,851 units primarily 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 approximately $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 twelve months was approximately $7.8 million. Based on recently added assets and corresponding rental contracts, Management expects growth in Target’s Adjusted EBITDA in 2023.
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Frequently asked
Who acquired Modular Rental?
Modular Rental was acquired by Black Diamond Group, based in Calgary. The deal was reported on October 31, 2022. Black Diamond Group is a provider of modular buildings and workforce accommodation solutions. The company offers rental and lodging services, catering to industries such as energy, mining, and infrastructure. Black Diamond Group is privately held and operates in Real Estate.
When did Black Diamond Group acquire Modular Rental?
Black Diamond Group's acquisition of Modular Rental was reported on October 31, 2022. Fundz records the date the transaction was first publicly reported, sourced from filings and company announcements.
What does Modular Rental do?
Looking for prefab buildings? Explore customizable Mobile Modular buildings for mobile offices, classrooms and more for rent or sale. Request a quote today. It is privately held.
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