SIOUX FALLS, S.D., Sept. 01, 2017 (GLOBE NEWSWIRE) -- Raven Industries, Inc. (NASDAQ:RAVN) today announced that it has completed the acquisition of substantially all of the assets of Colorado Lining International, Inc., headquartered in Parker, Colo. Raven completed a cash transaction, paying approximately $14 million with the potential for up to $2 million in additional earn-out payments over the next three years. This acquisition will immediately align under the company’s Engineered Films division, an innovative manufacturer of polymer film and sheeting.
The acquisition enhances the company’s geomembrane business through extended service and product offerings with the addition of new design-build and installation service components. As previously announced, this acquisition will advance Raven Engineered Films’ business model into a vertically-integrated, full-service solutions provider for the geomembrane sector. Following the acquisition, Raven Engineered Films will operate facilities in four states — South Dakota, Colorado, California and Texas — to further optimize and expand customer services and logistics.
”We are excited to welcome the Colorado Lining International team to the Raven family and further expand our service and product offerings for the geosynthetics industry,” stated Anthony Schmidt, Vice President and General Manager of Raven Engineered Films. “The cohesive team dynamics between Raven and the CLI group have made the close process seamless, and we plan to progressively leverage the positive synergies of the two companies to increase overall value for our customers.”
With the close of the acquisition, John Heap, Owner and CEO of Colorado Lining International, will join Raven leadership under the Engineered Films segment as Director of Business Development reporting to Schmidt. Raven also plans to integrate the Colorado Lining International team of 90 employees into its Engineered Films division and align fabrication and materials directly within its core capabilities. Key suppliers and installation contractors of both companies will continue to play a vital role in the success of our business strategy.
“Our group is thrilled to be joining Raven,” stated Heap, “and we look forward to the positive enhancements we will bring to the industry by combining decades of experience. We will directly contribute to the enhanced market growth of the geomembrane segment as a new full-service provider, offering a valuable alliance to the existing partnerships Raven and CLI have established with their customers over time.”
About Raven Industries, Inc.
Raven Industries (NASDAQ:RAVN) is dedicated to providing innovative, high-value products and solutions that solve great challenges throughout the world. Raven is a leader in precision agriculture, high-performance specialty films, and lighter-than-air technologies. Since 1956, Raven has designed, produced, and delivered exceptional solutions, earning the company a reputation for innovation, product quality, high performance, and unmatched service. For more information, visit http://ravenind.com.
About Raven Engineered Films
Raven Industries’ Engineered Films Division has established a well-known reputation for manufacturing and supplying high performance flexible films and sheeting to major markets throughout the United States and abroad. Engineered Films’ strategic mission is to produce critical film and sheeting for the containment and protection of Earth’s natural resources and asset value. Its state-of-the-art manufacturing facility and proven product expertise offer the most innovative and targeted product solutions in the industry. Raven Engineered Films welcomes all inquiries and can be reached at +1 (800) 635-3456. Learn more about Raven Engineered Films at http://ravenefd.com.
About Colorado Lining International
Colorado Lining International, Inc. (CLI) is a full service Geosynthetics Contractor offering factory expert geomembrane fabrication and installation under one roof. CLI offers assistance in flexible membrane liner selection, coating material selection, fabrication techniques and design/build installation. By taking a site-specific approach to geomembrane and liner selection, clients can rest assured the material will fit the application and will be fabricated and installed by trained and certified crews. For more information, visit http://coloradolining.com.
Forward-Looking Statements
This press release contains forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995 and the protection of the Act’s Safe Harbor for forward-looking statements. While this release is based on management’s best judgment and current expectations, actual results may differ and involve a number of risks and uncertainties. Important factors that could cause actual results to differ materially from the forward-looking statements include, without limitation: uncertainties as to the timing of the transactions described above; the possibility that various closing conditions for the transactions may not be satisfied or waived; uncertainty of the expected financial performance of the combined operations following completion of the transaction; the ability to successfully integrate CLI’s operations and employees; the ability to realize anticipated synergies and cost savings; unexpected costs, charges or expenses resulting from the transaction; general economic, financial and business conditions that could affect the company’s financial condition and results of operations; as well as risk factors listed from time to time in the Raven’s filings with the SEC. Raven cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Raven disclaims any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.