Insituform Technologies, Inc. Announces Agreement to Acquire North American Business of Fyfe Group and Option to Acquire Fyfe Group

Insituform Technologies INSU today announced the execution of a definitive agreement to acquire the North American business of Fyfe Group, LLC for a purchase price of $115.8 million. The Company also was granted an option to acquire Fyfe Group's Asian, European and Latin American operations. The Company expects to close the North American acquisition by August 31, 2011. Fyfe Group, based in San Diego, California, is a pioneer and industry leader in the development, manufacture and installation of fiber reinforced polymer (FRP) systems for the structural repair, strengthening and restoration of pipelines (oil, gas, water and wastewater), buildings (commercial, Federal, municipal, residential and parking garages), bridges and tunnels, and waterfront structures. Lead by founder and Chairman, Ed Fyfe, and Chief Executive Officer, Heath Carr, Fyfe Group has a comprehensive portfolio of patented and other proprietary technologies and products, including its Tyfo® Fibrwrap® System, the only carbon fiber solution on the market meeting 2009 International Building Code requirements. Fyfe Group's product and service offering also includes pipeline rehabilitation, concrete repair, epoxy injection, corrosion mitigation and specialty coatings services. For 2010, Fyfe Group had North American revenues and EBITDA of approximately $45.1 million and $10.4 million, respectively. Joe Burgess, President and Chief Executive Officer of Insituform, stated, “The current addressable market for FRP composites for construction rehabilitation projects in the United States is approximately $650 million. We believe that this market will grow to more than $1.4 billion by 2016. Fyfe Group, through its existing proprietary technologies and based on its exemplary record of development and innovation of FRP products and solutions for this market, is well positioned to capture high value growth as FRP composite technologies gain further acceptance in high growth infrastructure markets.”