Aegion Corp., a leading provider of water, energy and industrial pipeline infrastructure construction and maintenance, has agreed to a purchase by affiliates of private equity firm New Mountain Capital LLC, the firms said Feb. 16.

The deal is valued at about $963 million.

Under terms of the agreement, set to close in the second quarter and subject to a stockholder vote, New Mountain would acquire all outstanding shares of Aegion common stock for $26.00 per share in cash. That is a 21% premium over the contractor’s closing stock price of $21.45 on Feb.12, the firms said.

Aegion, based in Chesterfield, Mo., ranks at No. 82 on ENR’s Top 400 Contractors list, reporting $1.12 billion in 2019 revenue, of which $267 million was outside the US. About 53% is in industrial and energy sector work, and 45% comes from water and wastewater markets. Aegion is No. 30 on ENR’s Top 200 Environmental Firms ranking.

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Source: ENR

By Debra K. Rubin