Forterra Announces Acquisition of Royal Enterprises America’s Business
IRVING, Texas, 2017-02-06 12:00 CET (GLOBE NEWSWIRE) --
Forterra, Inc. (“Forterra”) (Nasdaq:FRTA), a leading manufacturer of water infrastructure pipe and products in the United States and Eastern Canada, today announced it has acquired the business of Royal Enterprises America (“Royal”), a manufacturer of concrete drainage pipe, precast concrete products, stormwater treatment technologies and erosion control products. Terms of the transaction were not disclosed.
Based in Stacy, Minnesota, Royal primarily serves the greater Minneapolis market. For the past 25 years, Royal has provided high quality products and service to meet customer needs. The acquisition of Royal is expected to provide Forterra access to new opportunities for growth in the strong and expanding Minneapolis housing and infrastructure market.
“We expect Royal will further accelerate Forterra’s growth in the drainage and stormwater management markets and strengthen our position in the growing Minneapolis region, providing additional opportunities to drive value for our shareholders,” said Jeff Bradley, CEO of Forterra. “Together with Royal, customers will benefit from an expanded suite of end-to-end water infrastructure products and access to technical expertise that will assist in creating tailored solutions. We’re pleased to welcome Royal to the Forterra family and, given our shared commitment to quality and strong customer service and relationships, we expect a seamless integration.”
“Royal has been providing high quality water treatment and utility infrastructure products for over a quarter of a century, and we look forward to continuing our success as part of the Forterra family. We expect this acquisition will expand opportunities and benefits to both our customers and employees,” commented Brian Seubert, President of Royal.
Forterra, Inc. (Nasdaq:FRTA) is a leading manufacturer of water and drainage pipe and products in the U.S. and Eastern Canada for a variety of water-related infrastructure applications, including water transmission, distribution and drainage. Based in Irving, Texas, Forterra’s product breadth and significant scale help make it a one-stop shop for water-related pipe and products, and a preferred supplier to a wide variety of customers, including contractors, distributors and municipalities. For more information on Forterra, visit forterrabp.com.
About Royal Enterprises America
Headquartered in Stacy, Minnesota, Royal Enterprises America manufacturers and offers water treatment, and utility infrastructure products designed to increase the longevity of projects while reducing long-term costs. Royal also offers site specific system designs. For additional information, visit royalenterprises.net.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements. Forward-looking statements may be identified by the use of words such as “anticipate”, “believe”, “expect”, “estimate”, “plan”, “outlook”, and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on historical information available at the time the statements are made and are based on management's reasonable belief or expectations with respect to future events, and are subject to risks and uncertainties, many of which are beyond the Company's control, that could cause actual performance or results to differ materially from the belief or expectations expressed in or suggested by the forward-looking statements. Forward-looking statements speak only as of the date on which they are made and the Company undertakes no obligation to update any forward-looking statement to reflect future events, developments or otherwise, except as may be required by applicable law. Investors are referred to the Company's filings with the Securities and Exchange Commission for additional information regarding the risks and uncertainties that may cause actual results to differ materially from those expressed in any forward-looking statement.
Executive Vice President, Chief Financial Officer
Joele Frank, Wilkinson Brimmer Katcher
Jed Repko or Ed Trissel
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