Loewen & Partners is pleased to announce that Bermingham Construction Ltd. has secured a significant investment from Soletanche Freyssinet, a VINCI group company.
VINCI is a Paris based world leader in construction and concessions. Publically traded, VINCI employs 180,000 people in some 100 countries and will provide Bermingham access to leaders in specialty foundation and ground improvement techniques.
Backed by Soletanche Freyssinet, Bermingham intends to expand overseas operations with increased equipment sales and rentals as well as enter into joint-ventures on large scale projects worldwide. Bermingham’s senior management will continue to run the company and remain as shareholders.
Founded in 1897, Bermingham Construction Ltd. is Canada’s oldest foundation and marine specialty contractor focused on the transportation, energy, and mining markets. The company also manufactures specialty foundation equipment and provides engineering services under the trade name Berminghammer, which exports equipment and services to over 40 countries globally.
Loewen & Partners' Role
Loewen & Partners was initially engaged as Bermingham’s exclusive financial advisor to pursue an equity financing in 2006. In November 2007, Loewen & Partners sourced $14 million in a structured private placement that allowed the company to recapitalize its balance sheet and maximize value for the Bermingham family.
Following three years of record growth and profitability, Loewen & Partners advised Bermingham’s shareholders on the repurchase of the private equity fund’s minority interest in August 2010, returning the company to full employee ownership.
Loewen & Partners acted as Bermingham’s exclusive financial advisor in the Soletanche Freyssinet transaction and facilitated the investment process.