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Industry News
Insituform Technologies acquires Fyfe Group

Insituform Technologies has paid $115.8 million for Fyfe Group's Asian, European and Latin American operations. Fyfe makes glass fiber composites for pipe, building and infrastructure reinforcement.

Author:
Posted on: 8/2/2011
Source: CompositesWorld

Insituform Technologies Inc. (St. Louis, Mo., USA) on July 27 announced a definitive agreement to acquire the North American business of Fyfe Group LLC (San Diego, Calif., USA) for a purchase price of $115.8 million. Insituform also was granted an option to acquire Fyfe Group’s Asian, European and Latin American operations. The company expects to close the North American acquisition by Aug. 31, 2011.

Fyfe Group develops, manufactures and installs fiber-reinforced polymer (FRP) systems for the structural repair, strengthening and restoration of pipelines (oil, gas, water and wastewater), buildings (commercial, federal, municipal, residential and parking garages), bridges and tunnels, and waterfront structures. 

Fyfe Group’s product and service offering also includes pipeline rehabilitation, concrete repair, epoxy injection, corrosion mitigation and specialty coatings services. For 2010, Fyfe Group had North American revenues and EBITDA of approximately $45.1 million and $10.4 million, respectively.

Joe Burgess, president and CEO of Insituform, states, “The current addressable market for FRP composites for construction rehabilitation projects in the United States is approximately $650 million. We believe that this market will grow to more than $1.4 billion by 2016. Fyfe Group, through its existing proprietary technologies and based on its exemplary record of development and innovation of FRP products and solutions for this market, is well positioned to capture high value growth as FRP composite technologies gain further acceptance in high growth infrastructure markets.”

Fyfe Group’s senior management team, including Ed Fyfe (chairman) and Heath Carr (CEO), will remain with the company and be responsible for its day-to-day operations, growth and continued technological innovation following the closing.

Under the definitive agreement, Fyfe Group granted Insituform an option for a period of one year after the closing of the North America acquisition to acquire Fyfe Group’s international operations in Asia, Europe and Latin America at a purchase price to be negotiated by the parties at the time of exercise. For 2010, Fyfe Group’s international operations (excluding Canada) had revenues and an EBITDA margin of approximately $20 million and 20 percent respectively.

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