Black Diamond Group Limited Announces Modular Space Solutions Asset Purchase in British Columbia
CALGARY, Alberta, July 02, 2024 (GLOBE NEWSWIRE) -- Black Diamond Group Limited (“Black Diamond” or the “Company”) (TSX: BDI) announces the closing of an asset purchase of 329 space rental units, plus ancillary assets (“Assets”) for $20.45 million in cash, funded through the Company’s existing asset-based lending facility. The Assets are primarily located in Kitimat, British Columbia and are well-suited to service the Company’s broad Western Canadian Modular Space Solutions markets where the Company continues to see healthy demand related to construction and infrastructure.
In connection with the asset purchase, Black Diamond is also announcing an agreement with Gitxaala Enterprises Limited Partnership, the economic operating arm for the Gitxaala Nation.
“We are pleased to be working with the Gitxaala Nation and look forward to potential future opportunities to partner with Gitxaala Enterprises across Gitxaala traditional territories in British Columbia,” said Trevor Haynes, CEO of Black Diamond Group Limited. “This fleet of high-quality space rental assets were all built within the last five years and will fit seamlessly into our active Western Canadian MSS business across British Columbia and the Prairies, while driving continued rental revenue growth.”
“We are pleased to enter into this agreement with Black Diamond Group and look forward to working collaboratively on projects in Gitxaala territory in the future,” said Linda Innes, Chair, Gitxaala Enterprises Limited Partnership.
About Black Diamond Group
Black Diamond is a specialty rentals and industrial services Company with two operating business units - Modular Space Solutions (MSS) and Workforce Solutions (WFS). We operate in Canada, the United States, and Australia. MSS through its principal brands, BOXX Modular, MPA, Schiavi and CL Martin, owns a large rental fleet of modular buildings of various types and sizes. Its network of local branches rent, sell, service, and provide ancillary products and services to a diverse customer base in the construction, industrial, education, financial, and government sectors. WFS, through its principal brands, Black Diamond Lodging & Accommodations, owns a large rental fleet of modular accommodation assets of all types and sizes. Its regional operating terminals rent, sell, service, and provide ancillary products and services including turn-key operated camps to a wide array of customers in the resource, infrastructure, construction, disaster recovery, and education sectors. The WFS business unit also includes the Company’s wholly owned subsidiary, LodgeLink, which operates a digital marketplace for business-to-business crew accommodation, travel, and logistics in North America.
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Cautionary Note Regarding Forward-Looking Statements
Certain information set forth in this news release contains forward-looking statements. Although Black Diamond believes that the expectations reflected in the forward-looking statements contained in this news release, and the assumptions on which such forward-looking statements are made are reasonable, there can be no assurances that such expectations or assumptions will prove to be correct. Readers are cautioned that assumptions used in the preparation of such statements may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties and other factors, many of which are beyond the control of Black Diamond. These risks include but are not limited to: the impact of general economic conditions, industry conditions, fluctuation of commodity prices, the Company's ability to attract new customers, failure of counterparties to perform on contracts, industry competition, availability of qualified personnel and management, timely and cost effective access to sufficient capital from internal and external sources, political conditions, dependence on suppliers and stock market volatility. The risks outlined above should not be construed as exhaustive. Additional information on these and other factors that could affect Black Diamond's operations and financial results are included in Black Diamond's annual information form for the year ended December 31, 2023 and other reports on file with the Canadian Securities Regulatory Authorities which can be accessed on SEDAR+. Readers are cautioned not to place undue reliance on these forward-looking statements. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and Black Diamond does not undertake any obligation to update or revise any of the forward-looking statements, except as may be required by applicable securities laws.
