Chesterfield-based pipe rehabilitation firm Insituform Technologies Inc. has agreed to buy two companies for about $216 million.
Publicly held Insituform will pay about $125 million for Bayou Cos. LLC in New Iberia, La., and $91 million for Medina, Ohio-based Corrpro Cos. Inc.
Bayou provides products and services to the gas and oil industries. Corrpro makes corrosion-protection products and does pipeline maintenance.
The deals, to be financed with debt and through a public equity offering, are set to close by March 31.
These acquisitions provide a unique opportunity for us to transform our energy and mining business. Going forward, we also will remain focused on our existing sewer and water businesses and are excited about how these platforms fit together, Joseph Burgess, Insituform's president and chief executive officer, said in a news release.