JFLCO-backed Inland Pipe Rehabilitation to acquire Inliner

Inland Pipe Rehabilitation, which is backed by J.F. Lehman & Company, has agreed to acquire Inliner from Granite. No financial terms were disclosed. The deal is expected to close in the first half of 2022. Inliner is a provider of trenchless pipe rehabilitation solutions addressing wastewater and storm water infrastructure.

PRESS RELEASE

NEW YORK, Feb. 3, 2022 /PRNewswire/ — Inland Pipe Rehabilitation (“IPR”), a portfolio company of investment affiliates of J.F. Lehman & Company (“JFLCO”), announced today the signing of a definitive agreement to acquire Inliner from Granite Construction Incorporated and certain affiliated companies (“Granite”). The acquisition enhances IPR’s capabilities and service solutions while expanding its presence throughout North America.

Inliner is a leading, vertically integrated provider of trenchless pipe rehabilitation solutions addressing wastewater and storm water infrastructure. Since 1927, the Company has established a sterling reputation as a leader in resin- and UV-based cured-in-place-pipe solutions, geopolymer liner and construction management services, supporting government customers across the United States and Canada. The company’s services are strengthened and supported by market leading manufacturing capabilities. Inliner is the second add-on acquisition completed by IPR under JFLCO sponsorship.

Founded in 1973, IPR is a leading water infrastructure services company providing diversified trenchless pipe rehabilitation solutions and technologies for the municipal waste, storm and potable water applications. IPR’s capabilities deliver minimally disruptive, cost-effective solutions for government customers to actively manage aging underground pipe infrastructure. The company is headquartered in Conyers, GA with operating locations throughout the United States.

Jim Baumgardner, Chief Executive Officer of IPR, commented, “We believe the combination of IPR and Inliner will further strengthen both organizations, and provide our customers with a breadth and depth of service unmatched across our industry. We are excited to welcome Inliner into the IPR family.”

“This is a compelling opportunity to establish a unique service provider in this market – a national presence, delivering scaled capabilities across numerous technologies and delivery methods, addressing storm, waste and potable water infrastructure,” said Glenn Shor, Chairman of IPR and Partner at JFLCO. “The addition of Inliner builds upon the acquisition of Murphy Pipeline Contractors in our strategy to support the IPR platform through strategic M&A and organic growth initiatives” added Dave Thomas, Managing Director at JFLCO.

The agreement, which is subject to customary closing conditions, is expected to close in the first half of 2022.

Jones Day is providing legal counsel and Houlihan Lokey is serving as exclusive financial advisor to IPR and JFLCO. Perella Weinberg Partners is serving as exclusive financial advisor and Shearman & Sterling is providing legal counsel to Granite. Financing for the transaction will be provided by Atlantic Park Strategic Capital Fund, L.P. Monroe Capital, LLC will remain administrative agent to IPR’s senior credit facility.

About J.F. Lehman & Company, Inc.
Founded in 1992, J.F. Lehman & Company is a leading middle-market private equity firm focused exclusively on the aerospace, defense, maritime, government and environmental sectors. The firm has offices in New York and Washington, D.C.
For more information about J.F. Lehman & Company, please visit www.jflpartners.com.