Inland Pipe Rehabilitation Acquires Inliner

CONYERS, Ga., March 16, 2022 /PRNewswire/ -- Inland Pipe Rehabilitation ("IPR"), a leading water and wastewater infrastructure services company and portfolio company of investment affiliates of J.F. Lehman & Company ("JFLCO"), announced today that it has completed the acquisition of Granite Inliner ("Inliner") and affiliated companies from Granite Construction Incorporated. The acquisition enhances IPR's capabilities and service solutions, while significantly expanding its presence throughout North America. 

Inliner is a leading, vertically-integrated provider of trenchless pipe rehabilitation solutions addressing wastewater and storm water infrastructure. Inliner has established an exceptional reputation as a leader in heat-cured and UV-based cured-in-place-pipe solutions (CIPP), geopolymer rehabilitation, manhole renewal, and construction management services, supporting municipal and private customers across the United States and Canada. Inliner's flagship Inliner® Cured-In-Place Pipe  and glass-reinforced Inliner STX® UV-cured liners provide a broad range of trenchless gravity and pressure pipeline rehabilitation solutions. The approach reduces disruption to the public and the environment and enables project time and cost efficiencies compared to traditional excavation. Inliner's services are augmented and supported by market-leading CIPP liner manufacturing and R&D capabilities.

Like Inliner, IPR provides minimally-disruptive, cost-effective pipe rehabilitation solutions for municipal customers that own and manage underground municipal waste, stormwater, and potable water pipe infrastructure. The company is headquartered in Conyers, GA, with operating locations throughout the Eastern United States. 

Mick Fegan, Chief Executive Officer of IPR, commented, "We are thrilled to welcome Inliner employees into the IPR family. This is the beginning of a new and exciting chapter for our combined company. The addition of Inliner enhances an already-robust suite of products and technologies, and positions us to deliver best-in-class services to our customers."

"In IPR, we have found a strong partner focused on and committed to the rehabilitation industry. This will allow the combined entity to further diversify and expand its service offerings as well as grow into new territories," added Denise McClanahan, Vice President of Inliner. "These companies complement each other in all  key respects. The capabilities and service offerings we can now extend to our customers and the communities we serve is unmatched in the industry."  

"The acquisition of Inliner is a critical milestone in our strategy to create the leading player in the trenchless pipe rehabilitation industry," said Glenn Shor, Chairman of IPR and Partner at JFLCO. "IPR now has the scale to play an even bigger role in the vital and timely work of repairing our nation's aging infrastructure." 

Jones Day provided legal counsel and Houlihan Lokey served as exclusive financial advisor to IPR and JFLCO.  Perella Weinberg Partners served as exclusive financial advisor and Shearman & Sterling LLP provided legal counsel to Granite. Atlantic Park Strategic Capital Fund, L.P provided financing for the transaction, and Monroe Capital, LLC remains administrative agent to IPR's senior credit facility.

About J.F. Lehman & Company, Inc.
Founded in 1992, J.F. Lehman & Company focuses exclusively on investing in the aerospace, defense, maritime, government and environmental industries. The firm has offices in New York and Washington, D.C.
www.jflpartners.com

JFLCO Investor Relations
IR@jflpartners.com

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