DENVER, Aug. 23, 2022 (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 Coastal Carolina Pumping, Inc. (“Coastal”).
Headquartered in Charlotte, North Carolina, Coastal is the largest concrete pumping service provider in the Carolinas with additional operations in Central Florida. Coastal has decades of experience providing high quality services with an exceptional team of employees and highly skilled operators. The all-cash acquisition, which includes 89 units of operating equipment, was funded from existing debt facilities and strong operational free cash flow.
Coastal is expected to enhance CPH’s positioning and scale in the fragmented national concrete pumping industry, specifically within the North Carolina, South Carolina and Florida regions. The increased capacity is expected to provide Brundage-Bone and Coastal customers with advantages like increased service offerings and expanded fleet availability. Additionally, the acquisition offers a compelling opportunity for Coastal’s customer base to access CPH’s Eco-Pan concrete waste removal services.
CPH also plans to leverage the location of existing Coastal customers to strengthen its recent greenfield expansion strategy in Washington D.C.
“We continue to successfully execute on our strategic initiatives to enhance our geographic footprint and responsibly grow our business,”said CPH’s CEO Bruce Young. “The U.S. East Coast region is an attractive expansion market for CPH and we are excited to develop our existing presence in this region of the United States. Coastal Carolina is a well-run and highly respected business with exceptional talent that holds an established position in attractive regional markets. It also provides the ability to strengthen our recent expansion into the Washington D.C. market, an area that has experienced rapid growth and is expected to grow significantly over the next decade.”
CPH’s CFO, Iain Humphries, commented: “With this acquisition and additional greenfield expansion, we have strengthened our positions in the Carolinas and Florida regions and can now provide robust pumping services up to Baltimore. 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.”