L.B. Foster acquires VanHooseCo Precast assets for $50.5M; expands precast concrete business

FOSTER L B CO

Acquired VanHooseCo operating assets for $50.5M in cash, funded through Credit Agreement.
VanHooseCo had FY2021 revenue ~$28M, net income $1.4M, adjusted EBITDA ~$7.2M.
Retains ~100 employees; includes license for ENVIROCAST and ENVIROKEEPER product lines.
Credit Agreement amended to permit acquisition and temporarily modify financial covenants.
Expands addressable market into TN commercial/residential infrastructure; platform for growth.

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