Black Diamond Group

What Black Diamond Group does

Black Diamond Group Limited is a publicly traded Canadian industrial services and asset management company (TSX:BDI; OTCQX:BDIMF) headquartered in Calgary, Alberta, operating across Canada, the United States, and Australia. The company operates through two core business units: Modular Space Solutions (MSS) via the BOXX Modular brand (including Schiavi Leasing and MPA Systems), which rents, leases, and sells temporary and permanent modular buildings; and Workforce Solutions (WFS) via Black Diamond Lodging & Accommodations, which provides remote workforce accommodation, turnkey operated camps with catering, and hospitality services, alongside LodgeLink, a proprietary B2B digital marketplace for workforce travel management connecting enterprise clients with hotels, remote lodges, and travel partners.

The company generates revenue primarily through recurring rental and subscription contracts on its large owned fleet of modular space and accommodation assets, augmented by project-based turnkey solutions, sales of modular buildings, and commission-based revenue from the LodgeLink digital marketplace. Pricing is quote-based and varies by project scope, duration, location, and customization, with monthly billing cadence. Customer segments are primarily enterprise clients in oil and gas (wellsite accommodations, oil sands camps), mining (remote workforces), construction (site offices), and selected government and education verticals. The company has an extensive physical distribution network with 20+ branches across Canada and the US, regional operating terminals, and toll-free sales lines for each business unit, complemented by the LodgeLink digital channel.

The business model is asset-intensive, supported by a CAD $550 million asset-based revolving credit facility (expanded April 2026 from CAD $425 million) and recent equity raises totaling approximately CAD $79 million in mid-2025. FY2025 consolidated revenue was CAD $456.9 million (up 13% YoY) with CAD $126.4 million in Adjusted EBITDA (up 12% YoY), and the company declared quarterly dividends of CAD $0.045 per share. The company maintains four equity-based Indigenous partnerships (including the Black Diamond Cygnus JV with West Moberly First Nations), which have generated CAD $446 million in gross revenue since 2018, providing preferential access to resource sector projects on traditional territories. The November 2025 acquisition of Royal Camp Services for CAD $165.8 million further expanded WFS segment capacity in Canada.

Name

Black Diamond Group

Legal name

Black Diamond Group Limited

Website

https://blackdiamondgroup.com

Company type

Public

Founded year

2007

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Black Diamond Group is a publicly traded Canadian industrial services company providing modular space rentals, remote workforce accommodations, and the LodgeLink B2B workforce travel digital marketplace, serving enterprise clients in oil & gas, mining, construction, and government across Canada, the US, and Australia.

Ownership category

akta.pro rank

Product category

Workforce Accommodations and Modular Space

NAICS

Rooming and Boarding Houses, Dormitories, and Workers' Camps (72131), Other Travel Arrangement and Reservation Services (56159)

SIC

Hotels, Rooming Houses, Camps & Other Lodging Places (7000)

akta.pro primary industry

Bedbanks & Hotel Wholesalers (Accommodation Inventory Wholesalers) (THAKAJAB)

Keywords

• Modular space solutions
• Workforce accommodation services
• Workforce travel management
• Modular building rentals
• Remote workforce lodging

Headquarters

HQ city

Calgary

HQ country

Canada

HQ region

North America

Offices21 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Supply Chain, Personnel, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Modular Space Solutions (MSS): Rental revenue from modular building fleet including offices, classrooms, and specialty structures. Revenue from sales of modular buildings, service and ancillary products, and turnkey major project solutions.
2. Workforce Solutions (WFS) - Accommodations: Rental revenue from modular accommodation assets, turnkey operated camps with catering and hospitality management services across Canada, US, and Australia.
3. LodgeLink Digital Marketplace: B2B digital marketplace commission revenue from workforce accommodation, travel and logistics services connecting customers with hotels, remote lodges and travel partners across North America and Australia.
4. Strategic Acquisitions: Royal Camp Services acquisition completed November 2025 for $165.8 million, expected to contribute $31-41 million in annualized Adjusted EBITDA.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels7 records

Core offering

Black Diamond Group rents, leases, and sells modular buildings (offices, classrooms, specialty structures) through BOXX Modular, and provides turnkey workforce accommodation solutions (remote camps, lodging, catering, hospitality) through Black Diamond Lodging & Accommodations across Canada, the United States, and Australia. The company also operates LodgeLink, a B2B digital marketplace that connects enterprises with hotels, remote lodges, and travel partners for end-to-end workforce travel management.

Product overview

Black Diamond Group operates a platform-plus-products architecture with two core business units: MSS (Modular Space Solutions) through BOXX Modular and its brands, and WFS (Workforce Solutions) through Black Diamond Lodging & Accommodations and LodgeLink. BOXX Modular (including Schiavi Leasing and MPA Systems) provides modular space rental, lease, and sales solutions across North America. Black Diamond Lodging & Accommodations (including Royal Camp Services and Summit Camps) provides workforce accommodation and hospitality services. LodgeLink serves as the proprietary digital platform for B2B workforce travel management, enabling customers to efficiently manage workforce travel through a network of hotel, remote lodge, and travel partners.

Differentiator

Problem solved

Functional benefit

Brands

• BOXX Modular: Modular space solutions - rents, leases and sells temporary and permanent modular buildings across North America
• Black Diamond Lodging & Accommodations
• LodgeLink
• MPA Systems
• Schiavi Leasing
• Royal Camp Services
• Black Diamond Cygnus
• Spencer Corporate Travel

Products and services

• BOXX Modular

Quantifiable outcome

• 27% year-over-year revenue growth to CAD $130 million in Q1 2026
• +3 more outcomes

Named customers6 records

Segments6 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Eight partnerships are on record, tiered core and supporting.

• West Moberly First NationscoreStrategic or Co-development Partner · 1 January 2011Black Diamond Cygnus joint venture established January 2011 with West Moberly First Nations. Partnership serves customers within West Moberly traditional territory with workforce accommodations. Since 2018, the partnership has generated $446 million in gross revenue through various business agreements.
• Indigenous Partners (4 equity-based partnerships)coreStrategic or Co-development PartnerFour equity-based Indigenous partnerships and two majority-owned First Nations businesses with partnership agreements across Canada. Partnerships structured with long-term approach to economic development.
• Canadian Council for Indigenous Business (CCIB)supportingOthersBlack Diamond Group is a member of CCIB and designated as Supply Change Indigenous Procurement Champion.
• Canada's Sports Hall of FamesupportingGTM or Marketing PartnerPresenting sponsor of Indigenous Sport Heroes Education Experience, an educational program aimed at inspiring Indigenous and non-Indigenous youth through sport.
• LodgeLink Network PartnerscoreChannel Partner/ Reseller/ DistributorHotels, remote lodges, and travel partners connected through LodgeLink digital marketplace for workforce accommodation, travel and logistics services across North America and Australia.
• ISNetworldsupportingOthersCompliance network for contractor prequalification and safety verification.
• AvettasupportingOthersCompliance network for supplier and contractor risk management.
• ComplyWorkssupportingOthersCompliance network for contractor prequalification and workforce management.

Scale indicators15 records

Recent moves10 records

Expansion highlights6 records

Regional players

• Wernick Group: UK-based modular building manufacturer and rental operator serving construction, education, and infrastructure markets. Comparable to BOXX Modular's fleet and service model but focused on the UK and Ireland.

Others

• H&E Equipment Services: US-based equipment rental and sales company serving industrial and construction customers. Comparable in customer base and rental-driven model; adjacent rather than directly competitive with Black Diamond's modular and workforce offerings.

Direct peers

• McGrath RentCorp: Operates Mobile Modular portable buildings and TRS-RenTelco equipment rental businesses. Closest pure-play competitor to BOXX Modular's mobile office and modular space rentals across education, commercial, and industrial customers.
• WillScot Mobile Mini Holdings: Leading North American provider of modular space and portable storage. Directly comparable to BOXX Modular in fleet scale, customer overlap (construction, commercial, industrial), and rental revenue model.
• Target Hospitality: Provides turnkey workforce accommodations, including modular housing and catering, primarily to oil & gas and infrastructure clients in the US. Closest US-based peer to Black Diamond Lodging & Accommodations and Royal Camp Services.
• Civeo Corporation: Provides workforce accommodations, catering, and hospitality services for the resource industry in Canada, the US, and Australia. Highly comparable in customer base, geography, and lodging model to Black Diamond's WFS segment.
• Modulaire (formerly Algeco): European-headquartered modular space and storage provider operating across 20+ countries. Direct competitor to BOXX Modular in fleet-based modular rentals; comparable customer verticals and asset-heavy rental model.
• Horizon North / Dexterra Group: Canadian provider of modular workforce accommodations and facility management, including the Horizon North modular fleet and camp services. Direct competitor in Canadian workforce camp and modular space market.

Broad incumbents

• ATCO Ltd. Diversified Canadian conglomerate with ATCO Structures (modular buildings) and ATCO Frontec (workforce accommodations) divisions. Directly competes with both BOXX Modular and Black Diamond Lodging, but as part of a broader energy and infrastructure portfolio.
• United Rentals: Largest equipment rental company in the world serving industrial, construction, and infrastructure customers. Overlaps with Black Diamond on modular space and site service demand, though modular is a small share of URI's portfolio.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/blkdiamondgrp

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries7 records

Funding overview

Funding rounds4 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Black Diamond Group