Boston, MA -- (SBWIRE) -- 09/30/2011 -- 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 North American business of Fyfe Group, LLC. The transaction closed on August 31, 2011 for a transaction value of $115.8 million. The acquisition was financed by a $250 million term loan under Insituform's new $500 million credit facility.
Based in San Diego, CA, Fyfe Group specializes in the design, manufacture, and installation of fiber reinforced polymer (FRP) systems to strengthen, repair, restore and rehabilitate pipelines, commercial building infrastructures, bridges, and tunnels. The acquisition is in line with Insituform's strategic plan to develop or acquire high value products and services to prevent the deterioration of infrastructure, as well as expand the markets into which Insituform offers its products and services. Fyfe Group's founder & chairman, chief executive, and senior management team plan to remain with the company and will be responsible for its day-to-day operations, growth and continued technological innovation.
“We are pleased to have completed another transaction in the infrastructure, oil & gas and water sectors,” said Wade Aust, Managing Director & Partner with C.W. Downer. “This is our fifth industry-related transaction announced in the past eleven months and we continue to gain valuable experience in these sectors.”
As part of the purchase agreement, Insituform was granted the option—until July 26, 2012—to purchase Fyfe Group's international operations in Asia, Europe and Latin America. Insituform expects that the acquisition of the international operations will close before the end of 2011, subject to further due diligence and partner discussions.
“Our firm has more than 35 years of experience conducting comprehensive global buyside search programs for our clients,” said C.W. Downer Managing Director & Partner, Mike Howell. “We are pleased to have assisted Insituform with this acquisition and look forward to supporting them with their goals to build and expand internationally in the structural rehabilitation, repair and restoration markets.”
The C.W. Downer transaction team advising on the acquisition included Mr. Aust (Managing Director & Partner), Mr. Howell (Managing Director & Partner), Taso Skalkos (Associate), and Jenny Chen (Analyst) with the firm's Boston office.
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 35 years of international execution experience. We provide insight, not just information. We generate value, not just transactions. With seven 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.