Benzinga | Sep 8, 2021 04:02PM EDT

Concrete Pumping Holdings Acquires Hi-Tech Concrete Pumping Services

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 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 placing booms.

The acquisition provides compelling opportunities for CPH, through its Brundage-Bone brand, to strategically improve its presence in the Houston, Texas region. The increased scale and capacity is expected to provide Brundage-Bone and Hi-Tech customers with the advantages of a larger service offering and expanded fleet availability. Additionally, the acquisition provides a compelling opportunity for the Company to offer the complementary Eco-Pan concrete waste management service to Hi-Tech's customers.

"Acquiring Hi-Tech provides us an exciting opportunity to improve our market position in Houston, Texas, one of the fastest growing cities in the nation," said CPH's CEO Bruce Young. "Within our fragmented industry, Hi-Tech is an established business 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 larger customer base in the great state of Texas."