- Concrete Pumping Holdings Inc (NASDAQ:BBCP) has acquired Coastal Carolina Pumping, Inc. in an all-cash acquisition. The transaction includes 89 units of operating equipment.
- Headquartered in Charlotte, North Carolina, Coastal is a concrete pumping service provider in the Carolinas, with additional operations in Central Florida.
- BBCP’s CFO, Iain Humphries, commented: “With this acquisition and additional greenfield expansion, we have strengthened our positions in the Carolinas and Florida regions and can now provide robust pumping services up to Baltimore.”
- The company funded the deal with existing debt facilities and operational free cash flow.
- Concrete Pumping held cash and equivalents of $2.67 million as of Q2-end. It generated $21.4 million in operating cash flow during the six months ended April 30, 2022. Total available liquidity at quarter end was $96.4 million.
- Price Action: BBCP shares are trading higher by 0.87% at $6.97 on the last check Tuesday.
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