FMI Advises XL Industries in its Merger with Graham Construction
FMI Capital Advisors is pleased to announce the merger of XL Industries (XLI) with Graham Construction, a Canadian-based, employee-owned construction solutions provider. FMI Capital Advisors served as the exclusive financial advisor to XLI throughout this transaction.
“We are thrilled to join forces with Graham Construction to combine our organizational strengths to expand our reach and deliver greater value to our clients,” said Richard Walker, CEO of XLI. “This merger will allow us to harness the strength of both companies’ expertise, talent and innovative approaches to project delivery.”
As the construction industry continues to evolve, the merger will enable both companies to capitalize on technological advancements, expand their service offerings and create additional opportunities for their employees. “This strategic move will allow us to continue growing while preserving our people-first philosophy and maintaining the exceptional culture that makes us who we are,” said Walker.
The partnership aligns two companies with shared values, vision and ways of working. It supports XLI’s long-term growth goals by providing enhanced stability, financial strength and greater capacity to invest in the future. A key benefit of the partnership is the expanded ownership opportunity for XLI employees, as Graham’s employee ownership model introduces access to a broader equity program—extending participation beyond what was previously available through XLI’s internal program.
Walker adds, “FMI Capital Advisors was a tremendous partner throughout this process. Their industry knowledge, thoughtful guidance and strategic perspective played a key role in helping us identify the ideal long-term partner and navigate the complexities of the transaction successfully.”
There will be no immediate changes to XLI’s brand or leadership. XLI will join Graham’s Buildings U.S. group, comprised of Milender White, a full-service real estate company with offices in Southern California and Colorado that joined Graham in 2021, and Graham’s Seattle operations.
About XL Industries
Founded in 1992, XL Industries (XLI) is a leading construction services provider committed to its purpose of “building to improve lives.” Headquartered in Milpitas, California, with additional offices in Oakland and Sacramento, XLI encompasses a diverse family of companies: XL Construction, Bradley Concrete, Elevated Construction Services, TimberQuest, and Arrow Rental & Supply. Together, these companies specialize in serving clients across the education, life sciences, advanced technology, commercial, civic, and healthcare sectors, creating spaces that enhance and enrich communities. Known for excellence, XLI has been consistently ranked among Silicon Valley’s “Best Places to Work.”
About Graham Construction
Graham is an employee-owned construction solutions partner with revenues exceeding $4 billion annually. With nearly 100 years of experience, Graham provides general contracting, design-build, integrated project delivery, construction management, public-private partnerships, preventative maintenance program services and development services in the buildings, industrial, infrastructure and project finance sectors. Graham has offices throughout North America and employs passionate professionals and trade craft focused on delivering lasting value. Graham has the resources, capacity, and expertise to undertake projects of every scope, scale and complexity. To learn more, visit www.grahambuilds.com.
About FMI Capital Advisors:
FMI Capital Advisors has fully dedicated and deeply experienced investment banking teams advising clients on merger and acquisition (M&A) transactions across the built environment. We maximize value for our clients through our deep market knowledge, strong technical expertise and an unparalleled network of industry relationships. For more information, visit www.fmicapitaladvisors.com.
FMI Capital Advisors Contact:
Alex Miller
Managing Director
[email protected]