Black Diamond

What Black Diamond does

Black Diamond Group Limited (TSX: BDI) is a publicly traded Canadian industrial services and asset management company headquartered in Calgary, Alberta, that provides turnkey workforce accommodation, modular space solutions, and a digital B2B workforce travel marketplace across Canada, the United States, and Australia. The company operates three core businesses: BOXX Modular (including its principal brands Schiavi Leasing and MPA Systems) which owns a large rental fleet of modular buildings serving construction, education, and disaster recovery customers; Black Diamond Lodging & Accommodations which owns a large rental fleet of modular accommodation assets and delivers turnkey operated camps for resource, infrastructure, construction, disaster recovery, and education customers; and LodgeLink, a B2B digital marketplace for end-to-end workforce crew travel management offering booking, visibility, reporting, and 24/7 customer support.

The company makes money through a combination of recurring modular space and accommodation rentals, one-time sales of modular units and ancillary products, managed services for turnkey operated camp delivery, and marketplace commissions on workforce travel booked via LodgeLink. Pricing is quote-based and tailored to project scope, duration, and customer requirements rather than publicly disclosed. Go-to-market is primarily direct enterprise sales through regional operating terminals, augmented by LodgeLink's self-serve digital marketplace for travel booking.

In Q1 2026 (three months ended March 31, 2026), Black Diamond reported consolidated revenue of $130.0 million and Adjusted EBITDA of $32.0 million, up 27% and 21% year-over-year respectively, with consolidated rental revenue of $43.8 million up 16%. The company closed the $165.8 million strategic acquisition of Royal Camp Services Ltd. on November 12, 2025, and declared a Q2 2026 dividend of $0.045 per share, signaling both active inorganic growth and capital return to shareholders.

Name

Black Diamond

Legal name

Black Diamond Group Limited

Website

https://blackdiamondincomefund.com

Company type

Public

Operating status

Operating

Headcount range

51–100 employees

Short description

Black Diamond Group Limited (TSX: BDI) is a publicly traded Canadian industrial services company that provides turnkey workforce accommodation, modular space solutions, and the LodgeLink B2B digital travel marketplace to resource, infrastructure, construction, disaster recovery, and education customers across Canada, the United States, and Australia.

Ownership category

akta.pro rank

Headquarters

HQ city

Calgary

HQ country

Canada

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Modular Space and Building Rentals: Recurring rental revenue from a large fleet of modular buildings and accommodation assets deployed across Canada, the United States, and Australia. Consolidated rental revenue was $43.8 million in Q1 2026, up 16% year-over-year. Customers span resource, infrastructure, construction, disaster recovery, and education sectors.
2. Modular Space and Accommodation Sales: One-time sales of modular buildings, accommodation units, and ancillary products and services, supplementing the rental fleet. Sales contribute to consolidated revenue of $130.0 million reported for Q1 2026.
3. LodgeLink Workforce Travel Marketplace: Digital B2B marketplace for workforce crew travel management, generating revenue through bookings and platform services for organizations with travel-intensive workforces. Functions as a one-stop shop with 24/7 customer support.
4. Turnkey Operated Camps and Ancillary Services: Managed service revenue from operated camp delivery, on-site servicing, and ancillary products, often bundled with rental or sale of modular units for remote industrial and resource customers.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Black Diamond Group is an industrial services and asset management company that rents, sells, and services a large fleet of modular buildings and workforce accommodation assets across Canada, the United States, and Australia. It delivers turnkey modular space solutions, operated camps, and ancillary on-site services to resource, infrastructure, construction, disaster recovery, and education customers, and operates LodgeLink, a digital B2B marketplace for end-to-end workforce crew travel management with 24/7 customer support.

Product overview

Black Diamond Group operates as a multi-segment industrial services and asset management company built on a platform-plus-businesses architecture. The three principal operating businesses — BOXX Modular (turnkey modular space solutions, encompassing sub-brands Schiavi Leasing and MPA Systems), Black Diamond Lodging & Accommodations (modular workforce accommodation fleets and operated camps across Canada, the U.S., and Australia), and LodgeLink (a B2B digital marketplace for workforce crew travel management) — together serve the space, accommodation, and travel needs of organizations in resource, infrastructure, construction, disaster recovery, and education sectors.

Differentiator

Problem solved

Functional benefit

Brands

• BOXX Modular: Rental fleet of modular buildings across North America with turnkey major project solutions for urban and remote locations, including its principal brands Schiavi Leasing and MPA Systems.
• Black Diamond Lodging & Accommodations
• LodgeLink
• Schiavi Leasing
• MPA Systems

Products and services

• BOXX Modular BOXX Modular, along with its principal brands Schiavi Leasing and MPA Systems, owns a large rental fleet of modular buildings across North America and provides turnkey major project solutions combining modular buildings with deployment services for urban, remote, construction, education, and disaster recovery applications. It is targeted at organizations needing cost-effective temporary or rapidly deployable space solutions.
• Black Diamond Lodging & Accommodations Owns a large rental fleet of modular accommodation assets across Canada, the United States, and Australia, with regional operating terminals that rent, sell, service, and provide ancillary products including turnkey operated camps to customers in resource, infrastructure, construction, disaster recovery, and education sectors.
• LodgeLink LodgeLink is a B2B digital marketplace for end-to-end workforce crew travel management that delivers efficiency and cost control for complex workforce travel via technology providing improved visibility, reporting, and efficiency, with 24/7 customer support. It is targeted at organizations with mobile or travel-intensive workforces needing centralized booking, reporting, and cost control.

Quantifiable outcome

• 27% year-over-year growth in consolidated revenue in Q1 2026
• +2 more outcomes

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Five partnerships are on record, tiered flagship community partnership; multi-year presenting sponsorship with national visibility., long-standing community partnership across primary canadian operating regions., long-tenured event partnership (over a decade) with significant charitable impact., major strategic acquisition; foundational to lodging & accommodations expansion. and principal brand relationships within boxx modular..

• Canada's Sports Hall of Fame — Indigenous Sport Heroes Education Experience (ISHEE)flagship community partnership; multi-year presenting sponsorship with national visibility.GTM or Marketing PartnerBlack Diamond Group is the presenting sponsor of Canada's Sports Hall of Fame's Indigenous Sport Heroes Education Experience, a seven-year initiative (entered its third year in 2024) aimed at educating and inspiring Indigenous and non-Indigenous youth, and prompting conversation about equity and inclusion through the lens of sport.
• United Way (Canada chapters)long-standing community partnership across primary canadian operating regions.GTM or Marketing PartnerBlack Diamond Group and its teams have donated over half a million dollars cumulatively to United Way chapters across Canada through annual United Way campaigns in support of families in need.
• Rogers Charity Classiclong-tenured event partnership (over a decade) with significant charitable impact.GTM or Marketing PartnerFor over a decade, Black Diamond Group has been a proud supporter and provider of modular space for the Rogers Charity Classic. Since its inception, the tournament has helped more than 270 charitable groups and raised more than $112 million for children in need.
• Royal Camp Services Ltd.major strategic acquisition; foundational to lodging & accommodations expansion.Strategic or Co-development PartnerBlack Diamond Group Limited completed the acquisition of Royal Camp Services Ltd. on November 12, 2025 for an aggregate purchase price of approximately $165.8 million. The transaction is expected to be highly accretive, with valuation based on the mid-point of a three-year Adjusted EBITDA range for Royal of $31 to $41 million.
• Schiavi Leasing and MPA Systems (BOXX Modular principal brands)principal brand relationships within boxx modular.OEM/ Whitelabel/ Licensing PartnerBOXX Modular, together with its principal brands Schiavi Leasing and MPA Systems, owns a large rental fleet of modular buildings across North America and provides full turnkey major project solutions.

Scale indicators10 records

Recent moves5 records

Expansion highlights5 records

Emerging players

• TravelPerk: TravelPerk is a corporate travel booking and management platform targeting mid-market and enterprise business travelers. While not focused exclusively on workforce or remote-site crew travel, it competes with LodgeLink in the broader B2B travel management category.
• Brand Industrial Services (BrandSafway): BrandSafway provides scaffolding, forming, and access solutions along with related workforce services to industrial and infrastructure customers. Its footprint on remote industrial sites overlaps with Black Diamond's resource-sector and infrastructure customer base, though its core product is different.

Broad incumbents

• United Rentals: United Rentals is the world's largest equipment rental company with broad construction and industrial customer overlap. While not primarily a modular space competitor, its scale, digital platform, and customer relationships with construction/infrastructure end-markets make it a broad incumbent relevant to Black Diamond's GTM and pricing dynamics.
• Sunbelt Rentals: Sunbelt Rentals is a large North American equipment rental provider with a growing modular space and climate-control business. It competes with BOXX Modular in selected verticals and is broader in industrial/construction equipment than Black Diamond, making it a broad incumbent rather than a direct peer.
• H&E Equipment Services: H&E rents heavy and general equipment to industrial and infrastructure customers with growing modular and aerial platform exposure. It overlaps with Black Diamond's construction/infrastructure end-market focus but is broader in equipment categories.

Regional players

• Algeco (Modulaire Group): Algeco operates one of Europe's largest modular space rental fleets, with growing North American exposure through Target Logistics and other units. It competes with BOXX Modular in modular building leasing but is primarily a regional player relative to Black Diamond's North American-Australian footprint.

Direct peers

• McGrath RentCorp: McGrath operates Mobile Modular and other rental businesses offering modular space, portable storage, and electronic test equipment to commercial and industrial customers across North America. It competes directly with BOXX Modular in modular building leasing and shares the recurring-revenue rental fleet model.
• Target Hospitality: Target Hospitality provides turnkey workforce accommodation and related services to the energy, government, and mining sectors in the U.S. It is highly comparable to Black Diamond Lodging & Accommodations' operated-camp business, sharing the same resource-sector customer profile and remote-lodge service delivery model.
• ATCO Group (ATCO Ltd.): ATCO operates workforce housing, modular structures, and lodges primarily across Canada and Australia — overlapping with Black Diamond Lodging & Accommodations in remote workforce accommodation for resource and infrastructure customers. Both serve fly-in/fly-out camps and operate owned fleets across similar geographies.
• WillScot Mobile Mini Holdings: WillScot is the largest North American provider of modular space and mobile office solutions with a focus on recurring monthly lease revenue. It is the most direct comparable to BOXX Modular given overlapping product (modular buildings), customer base (construction, commercial, industrial), and rental-fleet business model.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/black-diamond-lp

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries4 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Black Diamond