Federal Signal to Expand its Specialty Vehicle Platform by Executing Agreement to Acquire Blasters, Inc.
OAK BROOK, Ill., Nov. 17, 2022 /PRNewswire/ -- Federal Signal Corporation (NYSE: FSS) (the "Company"), a leader in environmental and safety solutions, today announced the signing of a definitive agreement to acquire substantially all the assets and operations of Blasters, Inc. ("Blasters"), a leading manufacturer of truck-mounted waterblasting equipment, for an initial purchase price of $14 million, subject to post-closing adjustments. In addition, there is a contingent earn-out payment of up to $8 million.
Based in Tampa, Florida, Blasters designs, manufactures and sells the Liquidator®, an ultra-high pressure ("UHP"), water-based, road-marking and rubber-removal truck. Blasters also engages in the sale of certified pre-owned UHP waterblasting units and supports the recurring aftermarket needs of its customers through parts and service offerings.
Blasters' depth of market and product knowledge, understanding of its customers' specific requirements, and strong management team have allowed it to establish a differentiated position in the industry, and gain market share.
"The acquisition further bolsters our position as an industry-leading diversified industrial manufacturer of specialized vehicles for maintenance and infrastructure markets with leading brands of premium, value-adding products, and a strong supporting aftermarket platform," said Jennifer L. Sherman, President and Chief Executive Officer. "The acquisition represents a strategic product line addition to Mark Rite Lines, which we acquired in 2019, thereby giving us the opportunity to cross-leverage both businesses' robust market positions, and allowing us to serve our shared customer base with a comprehensive range of world-class products and solutions for road and surface infrastructure maintenance. We are excited to welcome Blasters' talented team members to the Federal Signal family."
"Blasters has grown significantly in recent years, establishing itself as a leading player in the waterblasting industry. I am thrilled to join forces with a highly strategic partner in Federal Signal and embark on the next phase of growth for the business," said Scott F. Boos, Blasters' President and CEO.
The Company anticipates completing the transaction over the next 90 days, subject to customary closing conditions.
About Federal Signal
Federal Signal Corporation (NYSE: FSS) builds and delivers equipment of unmatched quality that moves material, cleans infrastructure, and protects the communities where we work and live. Founded in 1901, Federal Signal is a leading global designer, manufacturer and supplier of products and total solutions that serve municipal, governmental, industrial and commercial customers. Headquartered in Oak Brook, Ill., with manufacturing facilities worldwide, the Company operates two groups: Environmental Solutions and Safety and Security Systems. For more information on Federal Signal, visit: www.federalsignal.com.
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This release contains various forward-looking statements as of the date hereof and we undertake no obligation to update these forward-looking statements regardless of new developments or otherwise. Statements in this release that are not historical are forward-looking statements. Such statements are subject to various risks and uncertainties that could cause actual results to vary materially from those stated. Such risks and uncertainties include but are not limited to: direct and indirect impacts of the coronavirus pandemic and the associated government response, risks and adverse economic effects associated with emerging geopolitical conflicts, product and price competition, supply chain disruptions, work stoppages, availability and pricing of raw materials, cybersecurity risks, risks associated with acquisitions such as integration of operations and achieving anticipated revenue and cost benefits, foreign currency exchange rate changes, interest rate changes, increased legal expenses and litigation results, legal and regulatory developments and other risks and uncertainties described in filings with the Securities and Exchange Commission.
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SOURCE Federal Signal Corporation