GIP Announces Acquisition of Aecon Group's Ontario Roadbuilding Business

TORONTO, March 1, 2023 /CNW/ - Green Infrastructure Partners Inc.  ("GIP", "we" or "our") announced today that it has entered into a definitive agreement with Aecon Group Inc. to acquire its Aecon Transportation East ("ATE") roadbuilding services, aggregates and other materials supply businesses, focused on maintaining Ontario's critical civil infrastructure, for $235 million in cash. The closing of the transaction is subject to certain usual closing conditions and receipt of required regulatory approvals and is expected to be completed in the first half of 2023. 

"We are excited to add ATE's vertically integrated roadbuilding solutions' business in Ontario to GIP's existing platform, further solidifying the breadth of our services to support public infrastructure from our operations in Ontario, British Columbia, Manitoba, Saskatchewan and Quebec." said Patrick Dovigi, GIP's Executive Chair. "We saw a tremendous opportunity to enhance the scale and service offerings around our vertically integrated Coco Paving platform, with the self-perform capabilities initially added from GFL's infrastructure division and to accelerate our growth through acquisition, further consolidating GIP's position as one of Canada's premier suppliers of critical infrastructure maintenance services. This acquisition is one of those great opportunities."

Mr. Dovigi added, "This acquisition will add significant scale to GIP's suite of vertically integrated roadbuilding services and materials supply capabilities including 8 aggregate quarries to supply both internally and external customers, 8 asphalt plants, and most importantly, close to 1,000 highly skilled and dedicated employees. The combination of ATE and GIP's roadbuilding expertise will position GIP with the skills, equipment and services to perform virtually any size of provincial, municipal or private infrastructure project. We're looking forward to welcoming ATE's employees to the GIP family."

About GIP

Green Infrastructure Partners Inc., headquartered in Toronto, Ontario, was formed on its acquisition of GFL Infrastructure Group and Coco Paving and their respective affiliates. GIP is a leading provider of civil infrastructure services with 33 asphalt plants, eight concrete plants, access to over 250 aggregate sites, an asphalt cement terminal in Eastern Ontario and more than 3,000 employees across its operations. 

SOURCE Green Infrastructure Partners Inc.

Patrick Dovigi, [phone], [email protected]