L.B. Foster Expands Business with the Acquisitions of VanHooseCo Precast, Skratch Enterprises, and Intelligent Video Ltd.
- Sep 21, 2022
- Corporate
L.B. Foster Company announced the acquisition of two UK-based rail technologies companies, Skratch Enterprises Ltd. (“Skratch”) and Intelligent Video Ltd. (“IV”), and one Tennessee-based precast concrete business, VanHooseCo Precast LLC (“VanHooseCo”), in August of 2022.
Skratch offers a single-point supply solution model for clients and enables large scale deployments. Its services include design, prototyping and proof of concept, hardware & software, logistics & warehousing, installation, maintenance, Content Management (CMS), and managed monitoring. The single-point solution model provides a streamlined project delivery methodology that reduces complexity for the end user.
IV is a developer of high-quality surveillance, security, and safety solutions. They have provided subcontracting services for L.B. Foster’s Remote Condition Monitoring (RCM) and Inform Visual Communications solutions. IV also provides L.B. Foster with enhanced technical resources to assist in a variety of existing and developing solutions for the Company.
John Kasel, President and Chief Executive Officer of L.B. Foster Company commented, “These acquisitions fit neatly into the growth strategy L.B. Foster announced in 2021. The accomplished team at Skratch delivers new learning, expertise, and experience that complements existing L.B. Foster growth businesses, and enables access to wider target markets in the UK and Europe. IV provides unique expertise and capabilities that help enable our aspiration to grow our technology-focused solutions offering.”
VanHooseCo was acquired by L.B. Foster Company’s wholly-owned subsidiary, CXT Incorporated (“CXT”). VanHooseCo specializes in precast concrete walls, water management products, and traditional precast products for the industrial, commercial, and residential infrastructure markets.
CXT produces precast concrete products for the industrial, agriculture, infrastructure, energy, and wastewater industries. They also manufacture precast concrete restroom, shower, concession, and storage buildings, as well as storm shelters.
The VanHooseCo acquisition expands L.B. Foster’s addressable market to include commercial and residential developers, as well as state and local agencies in Tennessee and surrounding states and provides a platform for further investment and organic growth in the expanding precast concrete infrastructure market.
Kasel stated, “We are excited to take another important step in our transformation journey by joining VanHooseCo with our market leading CXT Precast Concrete business, establishing a robust platform for future investment and growth. During the diligence process, we were inspired by the entrepreneurial spirit of the VanHooseCo team.”
The full press releases for the acquisitions of Skratch, IV, and VanHooseCo are available on the L.B. Foster Investor Relations website.
