aven Industries, Inc. has announced that it has signed an asset purchase agreement to acquire substantially all of the assets of Colorado Lining International, Inc., headquartered in Parker, Colo. The cash transaction is expected to close in September with Raven paying approximately $14 million and the potential for up to $2 million in additional earn-out payments over the next three years. The final acquisition will align under the company’s Engineered Films division, an innovative manufacturer of polymer film and sheeting.
By adding new design-build and installation service components to the company’s geomembrane offering, this acquisition will advance Raven Engineered Films’ business model into a vertically-integrated, full-service solutions provider in this sector. Colorado Lining International, Inc. was established in 1978 and is a well-respected company that provides custom fabrication, design-build expertise, and certified installation services. 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 thrilled to be entering into this purchase agreement with Colorado Lining International,” said Anthony Schmidt, Vice President and General Manager of Raven Engineered Films. “They have been a long-time valued and respected business partner of our geomembrane product lines for nearly 25 years. Our companies share the same team values for integrity, quality, service and a strong drive for innovation, and this acquisition will set the stage for future growth opportunities through additional capabilities and products for the containment industry.”
“We have long admired Raven as strategic partner and quality supplier,” said John Heap, President and CEO of Colorado Lining International, Inc. “They set the bar high by striving for operational excellence throughout all facets of their day-to-day business. We are enthusiastic to be joining the Raven team and think our years of expertise in the geosynthetic industry will be a great asset in providing high-quality solutions to complex containment needs and challenges.”