Spruce Power Holding Gains from XL Industries and Graham Construction Merger in North America

### Strategic Merger Enhances Construction Capabilities Across North America

Spruce Power Holding stands to benefit from the recent merger between XL Industries (XLI) and Graham Construction, a move that promises to reshape the construction landscape in North America. Effective March 4, 2025, this strategic partnership combines the expertise and operational strengths of both companies, with the aim of enhancing service capabilities and operational efficiency. Richard Walker, CEO of XLI, expresses enthusiasm about the collaboration, emphasizing its potential to leverage innovative project delivery methods and expand client service beyond the Northern California region. This merger is not merely a consolidation of resources; it is a unification of visions that aligns with contemporary market demands for high-quality, complex projects.

The merger is particularly significant as it not only enhances geographical reach but also fosters a people-first culture, a key aspect for both companies. Graham Construction, a well-established player in the industry with a workforce of over 2,700 employees and the capacity to employ up to 6,000 craft workers, brings substantial experience and a robust annual revenue stream exceeding $4 billion (CDN). With XLI becoming part of Graham’s U.S. Buildings group, the collaboration ensures continuity in leadership and brand identity while positioning the new entity to capitalize on technological advancements in construction. This is a transformative moment for both companies, as they aim to set new benchmarks for operational performance and employee engagement in the construction sector.

Furthermore, the merger aligns with broader industry trends emphasizing sustainability and innovation. Both companies recognize the increasing demand for advanced construction practices that not only meet client needs but also adhere to stringent sustainability standards. As they integrate their operations, the newly formed entity is expected to prioritize high-quality project delivery while also exploring new ownership opportunities for employees through Graham's equity program. This strategic alignment enables the combined organization to maintain a competitive edge in a rapidly evolving market.

In related developments, AXA XL recently launched its Sustainable Building Practices Adoption Maturity Index (SAMI), which provides contractors with a benchmarking tool to evaluate their sustainable building practices. Cheri Hanes, AXA XL's Head of Construction Innovation and Sustainability, notes that the growing emphasis on technology and economic incentives drives the need for sustainable buildings. The SAMI tool helps contractors assess their performance against industry standards and identify areas for improvement, thereby enhancing their operational efficiency.

Additionally, AXA XL’s Construction Risk Engineering team collaborates with contractors to bolster safety and profitability through various support services, including technology assessments and safety training. This initiative complements the merger's focus on operational excellence and sustainability, positioning both Spruce Power Holding and the broader construction industry for future growth.