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L.B. Foster Acquires Operating Assets Of VanHooseCo Precast For $50.5M

·1 min read
  • L.B. Foster Company (NASDAQ: FSTR) subsidiary, CXT Incorporated, has acquired the operating assets of VanHooseCo Precast LLC for $50.5 million.

  • VanHooseCo Precast is a privately-held business headquartered in Loudon, Tennessee, specializing in precast concrete walls, water management products, and traditional precast products for the industrial, commercial and residential infrastructure markets.

  • VanHooseCo's most recent fiscal (ended December 31, 2021) revenue totaled ~$28 million, with a net income of $1.4 million and adjusted EBITDA of ~$7.2 million.

  • The Company also entered into a license agreement for the ENVIROCAST® pre-insulated concrete walls and ENVIROKEEPER® water retention and management product lines.

  • FSTR held cash and cash equivalent of $7.66 million as of June 30, 2022.

  • This acquisition expands L.B. Foster's addressable market to include commercial and residential developers and state and local agencies; it also provides a platform for further investment and organic growth in the expanding precast concrete infrastructure market.

  • L.B. Foster amended its Fourth Amended and Restated Credit Agreement to obtain approval for the VanHooseCo acquisition and temporarily modify certain financial covenants to accommodate the Transaction.

  • Price Action: FSTR shares closed higher by 0.03% at $15.01 on Friday.

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