Ballard Spahr Advises Concrete Pumping Holdings in Acquisition of Capital Pumping
Ballard Spahr represented Brundage-Bone Concrete Pumping, Inc. and its parent, Concrete Pumping Holdings, Inc. (CPH) (Nasdaq: BBCP) in the company's acquisition of Capital Pumping, LP and its affiliates, which closed today.
CPH, through its operating companies, Brundage-Bone Concrete Pumping, Inc., Eco-Pan, Inc., and Camfaud Concrete Pumps, is a leading provider of concrete pumping and concrete waste management services in the United States and United Kingdom. The acquisition greatly enhances CPH's positioning and scale in the industry, specifically in and around Texas, where Capital Pumping is a top provider of concrete pumping services.
The all-cash transaction was financed with a combination of $78.2 million of net proceeds from the recent public offering of 18,098,166 million shares of common stock at $4.50 per share and $60.0 million of incremental term loans under the company’s term loan B facility.
The Ballard Spahr deal team was led by Denver-based Business and Transactions Partners Michele Rowland and John Ruppert and included Associates Andrew Spruiell and Conor Crawford. More than a dozen lawyers across five of the firm's 15 offices assisted on the deal.