Ontario Construction News staff writer
3 Gates, a restructuring specialist based in Dallas, TX, has acquired Nexii Building Solutions Inc. of Squamish, B.C., in a deal the company says will help it relaunch its operations and invest in growth opportunities.
The acquisition announced on Tuesday (July 30) comes after Nexii, which specializes in the design and manufacture of rapid-assembly buildings made from Nexiite, filed for creditor protection in January.
NEXII Inc. designs and manufactures rapid-assembly buildings that address rising construction costs, the demand for shorter schedules, and the need for a reduced carbon footprint. Utilizing its proprietary material, Nexiite, NEXII is transforming the construction industry by challenging traditional practices with a focus on technology, innovation, service integration, and sustainable building solutions.
NEXII facilitates the rapid assembly of high-quality buildings with reduced carbon emissions, near-zero waste, and minimal community disruption. Speed, quality, and sustainability are central to NEXII’s mission to create a vibrant future for clients and the planet, the company says in a statement.
Russ Lambert, a principal with 3 Gates, noted that, “NEXII’s construction techniques are truly superior in every way to conventional methods. We believe that with the relaunch, the restructured NEXII will be a very successful North American tech success story – NEXII is a winner.”
NEXII has retained many of its current employees and is investing C$8 million into retrofitting the flagship Squamish, BC manufacturing plant to enhance its production capacity, quality, and safety.
Blake Beckham, another principal with 3 Gates, said: “We were immediately impressed with the quality and commitment of the Squamish workforce, and it was an easy decision to remain there and continue to invest in the plant, with plans to upgrade and expand operations. Both the Canadian workforce and the Squamish plant are crucial elements of our goal to create high quality, environmentally friendly buildings throughout North America.”
Bill Tucker, a Vancouver, BC-based construction executive, has been appointed as the bridge CEO to oversee the restructuring and expansion of NEXII. Tucker will later transition to the Board of Directors as the Canadian representative.
“I am pleased to be a part of this important effort to restructure and expand NEXII. Our collective vision is to build a profitable company driving impactful change in carbon reduction and schedule enhancement in the North American construction industry,” Tucker said in a statement.
Tucker noted that operations transitioned from the old company to NEXII, Inc. on July 24.
The buyer’s principals are experienced in restructuring and distressed workouts. These principals have the experience and expertise necessary to foster an environment for NEXII to thrive and grow into a powerful force in the North American construction industry, the news release says.