DENVER, Nov. 02, 2021 (GLOBE NEWSWIRE) — Concrete Pumping Holdings, Inc. (Nasdaq: BBCP) (“CPH” or the “Company”), a leading provider of concrete pumping services and concrete waste management services in the U.S. and U.K., today announced that it completed the acquisition of Pioneer Concrete Pumping Service, Inc. (Pioneer).
Pioneer is a leading concrete pumping service provider headquartered in Atlanta, Georgia, with additional locations in Dallas and San Antonio, Texas and decades of experience providing high quality services with an exceptional team of employees that includes an experienced team of highly skilled operators. CPH acquired Pioneer for an asset purchase valuation of $20.1 million in cash that includes 83 units of operating equipment.
The acquisition greatly enhances CPH’s positioning and scale in the fragmented concrete pumping industry, specifically within the Texas and Georgia regions. The increased capacity is expected to provide Brundage-Bone and Pioneer customers with advantages like increased service offerings and expanded fleet availability. Additionally, the acquisition offers a compelling opportunity for Pioneer’s customer base to access CPH’s Eco-Pan concrete waste removal services.
“We continue to successfully execute on our strategic initiatives to enhance our geographic footprint and responsibly grow our business. The Pioneer addition is another example of the successful execution of our acquisition strategy at a valuation that is consistent with our proven acquisition criteria,” said CPH’s CEO Bruce Young. “Pioneer is a well-run and highly respected business that holds an established position in attractive regional markets. We are excited to bring both businesses of exceptional talent together to deliver continued industry-leading growth. With this acquisition, we believe our Company is well-positioned to capitalize on long-term demand drivers in the Georgia and Texas regions and across all of our end markets. We are confident in our ability to realize the benefits of this transaction and deliver value creation following the same proven approach we have taken with our previous acquisitions.”