The Bayou Companies, Inc., a subsidiary of Insituform Technologies, Inc. has announced the completion of its $12.25 million (CAN) acquisition of Garneau, Inc's pipe coating and insulation facility and associated assets located in Camrose, Alberta Canada. The acquisition was effected through Bayou Perma-Pipe Canada, Ltd., a joint venture between Bayou and Perma-Pipe, Inc., and will serve as the operating company for Bayou's Canadian operations.
Bayou announced its agreement to acquire the Camrose facility on September 30, 2009. The Garneau shareholder approved the transaction on October 28, 2009 and the closing occurred on November 2nd. Bayou expects that this additional pipe coating and insulation facility in Western Canada will increase its addressable market by approximately $200 million.