Northwest Pipe Company Announces Acquisition of Geneva Pipe Company, Inc.

The leader in water transmission pipe acquired the Utah-based precast concrete manufacturer for $49.4 million

VANCOUVER, Wash., Feb. 03, 2020 (GLOBE NEWSWIRE) -- Northwest Pipe Company (Nasdaq: NWPX), an industry leader of engineered pipeline systems for water infrastructure, has acquired Geneva Pipe Company, Inc. (“Geneva”), a concrete pipe and precast concrete products manufacturer based in Utah. The transaction closed on January 31, 2020, and was funded with cash on hand and debt.

This acquisition expands Northwest Pipe Company’s water infrastructure product capabilities by adding additional reinforced concrete pipe capacity and a full line of precast concrete products including storm drains and manholes, catch basins, vaults, and curb inlets as well as innovative products that extend the life of concrete pipe and manholes for sewer applications. Geneva, previously a privately held company, has around 140 employees and had revenues of approximately $43 million in 2019. Jefferies LLC advised Northwest Pipe Company.

Operations will continue with their current management and workforce at Geneva’s three Utah manufacturing facilities located in Salt Lake City, Orem, and St. George. Founded in Orem in 1956, the company has been an integral part of infrastructure development in Utah and the Intermountain West.

 “The acquisition of Geneva, which we expect to be immediately accretive to our financial results, is a significant step in the continuous growth of our Company in serving a wider spectrum of the water infrastructure market. By expanding into stormwater and wastewater manufacturing, we are strategically growing our firm,” said Scott Montross, President and CEO of Northwest Pipe Company. “This transaction creates a stronger company while expanding our product offering to meet the robust demand created by our country’s aging infrastructure.”

Transaction Conference Call – Northwest Pipe Company will host a conference call on February 7, 2020 at 7 am PST to discuss the transaction. To listen to the slide presentation and live audio webcast, visit the Northwest Pipe Company website, www.nwpipe.com, on the Investor Relations page. For those unable to listen to the live audio webcast, a replay will be available approximately one hour after the event on the Investor Relations page.