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Insituform acquires Bayou, Corrpro
Insituform Technologies Inc. plans to acquire The Bayou Companies and Corrpro Companies Inc. for a combined $216 million, which the company plans to finance with debt and through a public offering.
Insituform said it is acquiring the business of The Bayou Companies in an asset acquisition for $125 million and acquiring Corrpro Cos. Inc. in a merger transaction of $91 million.
The company said it expects to close each acquisition by March 31.
Privately held Bayou, headquartered in New Iberia, LA, serves the on-shore and off-shore oil and natural gas industries, primarily in the Gulf of Mexico and North America. This acquisition includes Commercial Coating Services International Ltd. (CCSI), Bayou Welding Works (BWW) and Bayou’s minority ownership in Bayou Coating LLC.
Bayou’s products and services include internal and external pipeline coating, lining, weighting and insulation. For the 12 months ended Sept. 30, 2008, Bayou had net sales of $125.7 million.
Corrpro, with principal offices in Houston, and Medina, OH, provides corrosion protection and pipeline maintenance services, mostly to customers in the energy and water infrastructure industries. For the 12 months ended Sept. 30, 2008, Corrpro had revenue of $186 million.
Chesterfield, MO-based Insituform Technologies provides rehabilitation and repair services to sewer, water and other underground piping without digging and disruption.