Granite Construction announced the close of the sale of its trenchless and pipe rehabilitation services business (Inliner) to Inland Pipe Rehabilitation, a portfolio company of investment affiliates of J.F. Lehman & Co., for a purchase price of $159.7 million.
“I’m pleased to announce the completion of the Inliner sale,” stated Kyle Larkin, Granite President and CEO. “This sale and the expected sales of the Water Resources and Mineral Services businesses are important steps in the implementation of our new strategic plan and will allow us to focus on our core competencies in civil construction and materials. We expect to use the proceeds from the sales to strengthen and grow our vertically-integrated businesses, pay down debt, and return value to shareholders through share repurchases. During March, we spent $18.5 million to purchase 611,000 shares and intend to continue to be opportunistic as we evaluate further share repurchases in 2022.”
Larkin continued, “We have built the foundation for growth and profitability expansion with Granite’s transformation over the last year. Our strategic plan charts Granite’s course over the next three years, and we look forward to expanding on our vision in our first quarter 2022 earnings call.”