Insituform Buys Bayou, Corrpro For $216 Million

After 65 years as a family-owned business, The Bayou Companies announced on Feb. 2 that they have agreed to be acquired by Insituform Technologies, Inc. of Chesterfield, MO (a suburb of St. Louis). This acquisition includes Commercial Coating Services International, Ltd (CCSI), Bayou Welding Works (BWW) and Bayou’s minority ownership in Bayou Coating LLC.
  Jerry Shea, Managing Partner of Sales for The Bayou Companies, noted, “This transaction provides us with a unique opportunity to offer complementary products and services to a broader set of customers globally. Our existing customers will continue to benefit from our same products, services and attention, and will also have access to the broader range of products and services offered by the Insituform group.”
  Bayou, headquartered in New Iberia, LA serves the onshore and offshore oil and natural gas industries, primarily in the Gulf of Mexico and North America. Bayou’s products and services include internal and external pipeline coating, lining, weighting and insulation. For the 12 months ended Sept. 30, 2008 Bayou had net sales of $125.7 million.
  The acquisition of The Bayou Companies will complement Insituform’s existing pipe protection capabilities, create cross-selling opportunities and enhance global market opportunities for Insituform’s existing energy and mining business.
  “What our companies have in common, and what will drive our success going forward as one organization, is our shared business interest in protecting pipes,” said Joseph Burgess, Insituform’s President/CEO. Insituform is paying $125 million for The Bayou Companies.
  Insituform is also acquiring Corrpro Cos. Inc. in a merger transaction of $91 million. The company said it expects to close each acquisition by March 31. Corrpro, with principal offices in Houston, and Medina, OH provides corrosion-protection and pipeline-maintenance services, mostly to customers in the energy and water infrastructure industries. For the year ended Sept. 30, 2008 Corrpro had revenue of $186 million.