L.B. Foster Expands Precast Concrete Business with VanHooseCo Precast Acquisition
- Aug 18, 2022
L.B. Foster Company’s wholly owned subsidiary, CXT Incorporated (“CXT”), announced the acquisition of VanHooseCo Precast LLC (“VanHooseCo”), a Loudon, Tennessee based business.
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.
L.B. Foster entered into a license agreement for the ENVIROCAST pre-insulated concrete walls and ENVIROKEEPER water retention and management product lines. The 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.
John Kasel, L.B. Foster’s President and Chief Executive Officer, commented, “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.”
Jeff VanHoose, Chief Executive Officer and owner, and Don Atkins, President, of VanHooseCo, also commented, “Joining forces with L.B. Foster should help us unlock the opportunities we see expanding in our core markets and provides access to capital and resources to help accelerate our growth.”
The acquisition of VanHooseCo demonstrates the commitment to L.B. Foster’s strategy to transform the company into a technology-focused, high-growth infrastructure solutions provider.