Black Diamond Group Limited Announces Closing of Royal Camp Services Acquisition

Executive Summary

• Black Diamond Group Limited completed its acquisition of Royal Camp Services Ltd. for an aggregate purchase price of approximately $165.8 million (≈ $150 M cash + 1,377,911 common shares).
• The transaction is expected to be highly accretive, with Royal’s Adjusted EBITDA valued at the mid‑point of a $31–$41 M range (excluding synergies).
• Post‑combination, Black Diamond will operate an integrated workforce accommodations and catering business with nearly 12,000 rooms of capacity across Canada.

Key Details

• Consideration:
• Cash component: ~$150 million.
• Share component: 1,377,911 Black Diamond common shares at a deemed price of $12.08 per share.
• Closing & Listing:
• Acquisition closed on Nov 12 2025.
• Consideration Shares expected to list on the Toronto Stock Exchange (TSX) on or about Nov 14 2025, subject to TSX final approval.
• Accretion & Valuation:
• Transaction aligns with Black Diamond’s long‑term growth strategy and is projected to be highly accretive.
• Royal’s Adjusted EBITDA range: $31–$41 million (mid‑point used for valuation).
• Combined Business Scale:
• Integrated workforce accommodations and catering capacity of ≈12,000 rooms across Canada.
• Strategic Rationale Statements:
• CEO Trevor Haynes highlighted the combination as a means to “serve our customers” and create value for stakeholders.
• President Jon Warren emphasized building on Royal’s legacy and market opportunities for the combined entity.

Notable Quotes

“We are pleased to announce that our acquisition of Royal has been successfully completed… Together, we are exceptionally well‑positioned to meet the current and rising demand for turnkey workforce accommodations solutions across Canada.” – Trevor Haynes, Chairman & CEO, Black Diamond

“Royal has built a very successful business … we look forward to continuing to build on that legacy, now as part of the broader Black Diamond team.” – Jon Warren, President, Royal Camp

Materiality Assessment: Material – Positive (significant acquisition with sizable cash and equity consideration, expected earnings accretion, and substantial expansion of operational capacity).