The geosynthetics industry has received some interesting acquisition news: South Dakota-based manufacturer Raven Industries, Inc. (NASDAQ:RAVN) has signed an asset purchase agreement to acquire fabrication, installation, and design-build service provider Colorado Lining International, Inc. The final acquisition will align under Raven’s Engineered Films Division, according to a company statement.
Raven sees the addition as the next phase in its geosynthetics division’s growth as a a vertically-integrated, full-service geosynthetic solutions provider.
The move brings together two innovative, international, complementary geosynthetics groups. Operations will now be based out of four states: South Dakota, Colorado, California, and Texas, with the latter two offering convenient port access for international shipping.
STORIES ON GEOSYNTHETICA ABOUT RAVEN & CLI
- Raven Adds New Reinforced Geomembranes to DURA-SKRIM Series
- Raven Expands Production Capacity in Midland, Texas
- Installing CSPE Geomembrane in the Virgin Islands
- CLI Opens Geomembrane Fabrication Facility in California
ACQUISITION NEWS COMMENTS & DETAILS
”We are thrilled to be entering into this purchase agreement with Colorado Lining International,” said Anthony Schmidt, Vice President and General Manager of Raven Engineered Films. “They have been a long-time valued and respected business partner of our geomembrane product lines for nearly 25 years. Our companies share the same team values for integrity, quality, service and a strong drive for innovation, and this acquisition will set the stage for future growth opportunities through additional capabilities and products for the containment industry.”
“We have long admired Raven as strategic partner and quality supplier,” said John Heap, President and CEO of Colorado Lining International, Inc. “They set the bar high by striving for operational excellence throughout all facets of their day-to-day business. We are enthusiastic to be joining the Raven team and think our years of expertise in the geosynthetic industry will be a great asset in providing high-quality solutions to complex containment needs and challenges.”
The deal was announced as a cash transaction of roughly USD $14 million with another potential $2 million in earn-out payments over three years. The deal is expected to close in September.
Learn more about Raven Industries Engineered Films Division at www.ravenefd.com.
Learn more about Colorado Lining International at www.coloradolining.com.