Core Viewpoint - Orion Group has acquired J.E. McAmis and JEM Marine Leasing for $60 million, aiming to enhance its marine construction capabilities and capitalize on significant market opportunities in the marine sector [4][7]. Company Overview - McAmis has over five decades of experience in marine solutions, focusing on projects such as jetty and breakwater construction, dredging, and environmental restoration, primarily in Washington and Oregon [2]. - The majority of McAmis' work, estimated at over 80%, is with the U.S. Army Corps of Engineers [1]. Acquisition Details - The acquisition is Orion's first since 2017 and is part of its strategy to become a leading marine construction contractor [3]. - The total consideration for the acquisition is $60 million, comprising approximately $46 million in cash, a $12 million subordinated note, and $2 million in equity [7][20]. - The deal is expected to be accretive while maintaining leverage around one turn, focusing on revenue and capability growth rather than overhead cost synergies [5][13]. Financial Profile - McAmis has a historical revenue run-rate of approximately $38–40 million, with EBITDA margins consistently above 20% [6][10]. - At the time of closing, McAmis had a backlog of about $24 million, which is expected to represent 60% to 65% of its annual revenue [9]. Growth Opportunities - McAmis has an incremental opportunity pipeline exceeding $1.4 billion, primarily consisting of Pacific Northwest projects, with a typical project duration of two to three years [8]. - The acquisition adds specialized equipment and real estate valued at over $34 million, enhancing Orion's operational capabilities [5][16]. Integration and Future Outlook - Orion emphasizes cultural alignment and operational fit in the integration process, with McAmis leadership joining Orion's team [14]. - The company plans to provide consolidated guidance for 2026, including McAmis, in its upcoming financial report [17].

Summary of Orion Acquisition Conference Call Company and Industry Overview - **Company**: Orion Acquisition of J.E. McAmis and JEM Marine Leasing - **Industry**: Marine construction and heavy civil contracting Key Points and Arguments 1. **Acquisition Announcement**: Orion has acquired J.E. McAmis, a specialized heavy civil contractor, enhancing its capabilities in marine construction [2][4] 2. **Strategic Fit**: The acquisition is seen as a strategic move to strengthen Orion's position in the marine construction sector, particularly in the Pacific Northwest [4][13] 3. **Financial Highlights**: - Purchase consideration is $60 million, including $46 million in cash, a $12 million subordinated promissory note, and $2 million in common equity [10] - McAmis has a historical revenue run rate of $40 million with EBITDA margins consistently above 20% [11] - McAmis has a backlog of $24 million and a pipeline of opportunities worth over $1.4 billion [29][15] 4. **Operational Strengths**: McAmis is recognized for its safety record, on-time performance, and strong relationships with federal clients, particularly the U.S. Department of Defense and U.S. Army Corps of Engineers [5][39] 5. **Growth Opportunities**: The acquisition is expected to provide access to new projects and markets, particularly in environmental restoration and coastal protection, aligning with increasing federal investments in infrastructure [8][78] 6. **Cultural Alignment**: The leadership of McAmis is seen as a good cultural fit with Orion, which is crucial for successful integration [9][34] 7. **Integration Strategy**: The integration will focus on leveraging McAmis' expertise across Orion's existing operations, particularly in expanding geographic reach [41][56] 8. **Future M&A Strategy**: Orion plans to continue evaluating acquisition opportunities that align with its strategic goals, emphasizing cultural fit and operational synergies [44][80] Additional Important Content 1. **Equipment and Fleet**: McAmis brings specialized marine equipment valued at over $34 million, enhancing Orion's operational capabilities [5][17] 2. **Project Examples**: McAmis recently completed a $170 million project on the Columbia River, showcasing its ability to handle complex marine construction projects [7] 3. **Federal Work Dependency**: Over 80% of McAmis' revenue comes from projects with the Army Corps of Engineers, indicating a strong reliance on federal contracts [39] 4. **Contingent Consideration**: The acquisition includes performance-based incentives for McAmis' management, ensuring alignment with Orion's growth objectives [54][65] This summary encapsulates the key aspects of the conference call, highlighting the strategic importance of the acquisition and its implications for Orion's future growth and operational capabilities.

February 4, 2026 Investor Presentation: Orion Acquisition of J.E. McAmis Disclaimer This presentation contains, and the officers and directors of the Company may from time to time make, statements that may constitute or include projections or other forward-looking statements within the meaning of the "safe harbor" provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, of which provisions the Company is availing itself. Certain ...

Summary of Bird Construction Conference Call Company and Industry - **Company**: Bird Construction - **Acquisition Target**: Fraser River Pile and Dredge (FRPD) - **Industry**: Infrastructure and Construction, specifically focusing on marine construction, land foundations, and dredging Key Points and Arguments 1. **Acquisition Details**: Bird Construction has entered into a definitive share purchase agreement to acquire FRPD for an estimated aggregate consideration of **$82.3 million** [4][12][15] 2. **Strategic Rationale**: The acquisition aims to enhance Bird's infrastructure presence across Canada and expand its self-perform capabilities, particularly in marine construction and dredging [4][6][20] 3. **FRPD Profile**: FRPD is Canada's oldest and largest privately owned marine construction and dredging company, founded in **1911**, with over **300 employees** and a strong reputation for safety and quality [5][6] 4. **Market Demand**: There is a growing demand for specialized infrastructure services, particularly in marine construction, which is expected to outpace industry capacity [9][20] 5. **Financial Impact**: The acquisition is expected to be accretive to Bird's EBITDA margin and adjusted earnings per share, moving closer to a strategic EBITDA margin target of **8%** by **2027** [8][13][23] 6. **Revenue Projections**: FRPD is projected to generate approximately **$160 million** in revenue and **$20 million** in adjusted EBITDA annually [13][18] 7. **Backlog and Pipeline**: FRPD has a healthy backlog and a multiyear recurring work program, including a significant contract for dredging the Fraser River, which has been in place for over **35 years** [12][14][21] 8. **Cultural Alignment**: There is a strong cultural alignment between Bird and FRPD, which is expected to facilitate seamless integration and collaboration [6][17] 9. **Cross-Selling Opportunities**: The acquisition opens up robust cross-selling opportunities with existing clients and projects, enhancing Bird's service offerings [8][20][80] 10. **Future Growth**: Bird anticipates that FRPD will act as a catalyst for growth in its other businesses, leveraging combined capabilities to access new clients and larger projects [16][17] Additional Important Information 1. **Regulatory Approval**: The transaction is subject to regulatory approvals, including the Competition Act, with expectations to close in early **2025** [14][41] 2. **Debt Management**: The acquisition will be funded through a new term debt facility, and Bird expects to maintain low leverage post-acquisition [12][21] 3. **Dividend Policy**: Bird continues to target a dividend payout ratio of **33%** of GAAP net income over its strategic plan period from **2025 to 2027** [22] 4. **Market Landscape**: The competitive landscape includes both private players and potential government involvement, but Bird does not anticipate significant margin pressure in the current market [9][92] 5. **Future M&A Activity**: Bird remains open to future M&A opportunities that fit its strategic profile, particularly those that can enhance its capabilities and market position [81][85] This summary encapsulates the key points discussed during the conference call regarding Bird Construction's acquisition of FRPD, highlighting the strategic importance, financial implications, and future growth potential within the infrastructure sector.