Insituform Technologies, Inc. has informed about the closing of its acquisition of the North American business of Fyfe Group, LLC. The transaction purchase price was approximately $115.8 million.
Fyfe Group, based in San Diego, California, is a pioneer and industry leader in the development, manufacture and installation of fiber reinforced polymer (FRP) systems for the structural repair, strengthening and restoration of pipelines (oil, gas, water and waste water), buildings (commercial, Federal, municipal, residential and parking garages), bridges and tunnels, and waterfront structures. The acquisition was financed by a $250 million term loan under the Company’s new $500 million credit facility.
Fyfe Group’s senior management team, including Ed Fyfe and Heath Carr, will remain with the company and be responsible for its day-to-day operations, growth and continued technological innovation. In connection with the closing of the Fyfe North America transaction, Ed Fyfe and Heath Carr also purchased $3.0 million and $1.0 million, respectively, of Insituform common stock at a price of $16.21 per share (Insituform’s closing stock price on August 30, 2011). The shares of common stock are subject to certain transfer restrictions until February 2013.
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