Concrete Pumping Holdings acquires high-tech concrete pumping services
– Acquisition improves market position in Houston, Texas –
DENVER, Sep 08, 2021 (GLOBE NEWSWIRE) – Concrete Pumping Holdings, Inc. (Nasdaq: BBCP) (“CPH” or the “Company”), a leading provider of concrete pumping and concrete pumping services. concrete waste management in the United States and the United Kingdom, today announced that it has completed the acquisition of Hi-Tech Concrete Pumping Services (“Hi-Tech”).
Hi-Tech is a leading provider of concrete pumping services in Houston, Texas. CPH acquired Hi-Tech for an asset purchase valuation of $ 12.3 million in cash. The asset purchase includes all of Hi-Tech’s concrete pumping service equipment, which includes 32 boom pumps and two laying booms.
The acquisition provides exciting opportunities for CPH, through its Brundage-Bone brand, to strategically enhance its presence in the Houston, Texas area. The increased scale and capacity should offer Brundage-Bone and Hi-Tech customers the benefits of a wider service offering and increased fleet availability. In addition, the acquisition offers the Company an interesting opportunity to offer the additional Eco-Pan concrete waste management service to Hi-Tech customers.
“The acquisition of Hi-Tech provides us with an exciting opportunity to improve our market position in Houston, Texas, one of the fastest growing cities in the country,” said Bruce Young, CEO of CPH. “Within our fragmented industry, Hi-Tech is an established company that shares our core values of safety, people and reliability. We look forward to welcoming the Hi-Tech team to expand our services and reach a wider customer base in the great state of Texas.
About concrete pumping operations
Concrete Pumping Holdings is the leading provider of concrete pumping and waste concrete management services in the fragmented markets of the United States and the United Kingdom, operating primarily under what we believe to be the only national brands established in the two geographic areas – Brundage-Bone for pumping concrete in the United States. , Camfaud in the UK and Eco-Pan for waste management services in the US and UK. The company’s large fleet of specialized pumping equipment and trained operators positions it to provide concrete placement solutions that facilitate labor cost savings for customers, shorten up-time in place of concrete, strengthen site safety and improve construction quality. Highly complementary to its basic concrete pumping service, Eco-Pan seeks to provide a comprehensive, cost effective, and regulatory compliant solution to managing environmental issues caused by concrete leaching. As of July 31, 2021, the Company was providing concrete pumping services in the United States from a footprint of approximately 90 locations in 19 states, concrete pumping services in the United Kingdom from approximately 30 locations and route-based concrete waste management services from 17 locations in the US and 1 shared location in the UK For more information, please visit www.concretepumpingholdings.com or the Company’s brand websites at www.brundagebone.com, www.camfaud.co.uk, Where www.eco-pan.com.
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. The actual results of the Company may differ from expectations, estimates and projections and, therefore, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect”, “estimate”, “project”, “budget”, “plan”, “anticipate”, “intend to”, “plan”, “can”, “will”, “Could”, “should,” “believes”, “predicted”, “potential”, “continue”, “prospect” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, the Company’s expectations regarding future performance, including the Company’s outlook for fiscal 2021. These forward-looking statements involve significant risks and uncertainties that could cause actual results differ significantly from expected results. Most of these factors are beyond the control of the Company and are difficult to predict. Factors that may cause such differences include, but are not limited to: the impacts on the Company related to the recent accounting restatement, the significant weakness of internal control over financial reporting and the evaluation of complex accounting issues, as described in the Company’s 10 to K / A report filed with the Securities and Exchange Commission (the “SEC”) on June 11, 2021 (the “amended 10-K”); the impacts of the COVID-19 pandemic and related economic conditions on Society; the outcome of any legal proceedings or formal notice that may be brought against or addressed to the Company or its subsidiaries; the Company’s ability to grow and manage its growth profitably and to retain key employees; the ability to make targeted acquisitions and realize the expected benefits of recent acquisitions; changes in applicable laws or regulations; the possibility that the Company will be adversely affected by other economic, commercial and / or competitive factors; and other risks and uncertainties set out from time to time in documents filed by the Company with the Securities and Exchange Commission, including risk factors in the Company’s latest annual report on Form 10-K, on 10 -K amended and quarterly reports on Form 10- Q. The Company cautions that the above list of factors is not exclusive. The Company cautions readers not to place undue reliance on forward-looking statements, which speak only as of the date they are posted. The Company does not undertake or accept any obligation or commitment to publicly post any updates or revisions to forward-looking statements to reflect any change in its expectations or any change of events, conditions or circumstances upon which such statement is based.
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