Boston, MA -- (SBWire) --10/13/2011 --C.W. Downer & Co., a leading global middle-market investment bank, is pleased to announce that Insituform Technologies, Inc. has completed its acquisition of the business and assets of UK-based Hockway Limited and the capital stock of Hockway Middle East FZC, based in the United Arab Emirates (collectively known as “Hockway”). The transaction closed on August 2, 2011 for a purchase price of $4.6 million with up to an additional $1.5 million payable upon achievement of certain performance targets during the three-year period ending December 31, 2013.
Hockway provides both onshore and offshore cathodic protection services to the oil & gas industry and manufacturers a wide array of cathodic protection equipment. Cathodic protection is a technique used to control the salt water corrosion of a metal surface by connecting the metal to be protected with another more easily corroded metal to act as the anode of the electrochemical cell. Hockway systems and materials are used in a wide variety of applications including, but not limited to, pipelines, well casings, piers & jetties, off-shore structures, storage tanks and heat exchangers.
The Hockway acquisition will expand Insituform’s Energy and Mining business, particularly in the Middle East, and offers synergies with subsidiary Corrpro Companies’ existing business in the United Kingdom.
The C.W. Downer transaction team advising on the acquisition included Ashley E. Rountree (Managing Director & Partner, Paris), Raymond Morin (Vice President, Frankfurt), and Nicolas Vienot (Associate, Paris).
About C.W. Downer & Co.
C.W. Downer & Co. is an independent, global investment bank offering middle-market clients a high level of personal attention coupled with more than 35 years of international execution experience. We provide insight, not just information. We generate value, not just transactions. With eight fully integrated offices on four continents, we consistently identify the most appropriate strategic buyer and uncover “hidden” acquisition targets. C.W. Downer & Co. delivers the reach of a bulge-bracket investment bank with the senior level focus of a boutique. For more information, visit www.cwdowner.com.
C.W. Downer & Co. Advises Insituform on Acquisition of Hockway