Canadian Design and Construction Report staff writer
TORONTO — Quebec-based contractor Atwill-Morin has acquired the equipment and active contracts of Toronto’s Brook Restoration after the latter company defaulted on nearly $28 million in bank loans and was forced into receivership.
The acquisition, announced Monday, sees Atwill-Morin take over more than 20 active high-rise, commercial, and institutional building envelope projects in Ontario, representing approximately $100 million in original contract value.
While Atwill-Morin’s news release described the takeover as a strategic expansion that saves jobs and secures investments, Ontario Superior Court of Justice documents reveal the stark financial collapse that led to the transaction.
Brook Restoration Ltd., founded in 2000, specialized in building and public infrastructure restoration across the Greater Toronto Area and Ottawa. According to a pre-filing report from court-appointed receiver Deloitte Restructuring Inc., Brook defaulted on its financial obligations to the National Bank of Canada (NBC) in early 2024.
Despite entering a forbearance agreement in May 2024 that brought in a financial advisor to monitor the company, Brook was unable to rectify its defaults. As of Dec. 2, 2025, the company and its guarantor holding companies owed NBC $27,800,887.65, including interest.
NBC subsequently applied to the court to have Deloitte appointed as receiver. The court granted the receivership order on Feb. 3, 2026, and Brook was officially assigned into bankruptcy three days later.
At the time of its collapse, Brook was managing 14 active contracts backed by performance bonds through Liberty Mutual Surety, with total revenues between $50 million and $60 million, alongside four smaller non-bonded contracts. Court materials noted that if Brook failed to meet its bonded obligations, Liberty Mutual had the right to step in and replace the contractor.
To prevent the active projects from halting and to maximize recovery for creditors, the court approved a Jan. 7 asset purchase agreement to transfer Brook’s equipment and contracts to Atwill-Morin.
While Atwill-Morin stated Monday that “financial details of the transaction will not be disclosed”, a subsequent court endorsement regarding the receiver’s discharge noted that closing proceeds from the transaction amounted to slightly more than $10 million, which was distributed toward NBC’s massive shortfall.
The acquisition integrates approximately 80 former Brook Restoration employees into Atwill-Morin’s workforce, which now numbers more than 1,200 people.
“The projects taken over represent approximately $100 million in original contract value, and some 80 skilled workers are now in the Atwill-Morin fold,” Matthew Atwill-Morin, the company’s president and CEO, said in a statement.
More than 140 subcontractors will also remain involved in completing the ongoing projects.
Nicolas Croteau, Atwill-Morin’s executive vice-president, called it “the most significant transaction” in the company’s history, adding that it makes the contractor “more agile and more competitive than ever”.
The company stated the transaction reflects its long-term vision to assert leadership across the Greater Toronto Area and the rest of Canada.
