Raven acquires Colorado company

From staff reports

Sioux Falls-based Raven Industries Inc. has acquired Colorado Lining International Inc.

The Colorado business will become part of Raven’s engineered films division, which manufactures polymer film and sheeting.

Raven paid $14 million in cash with the potential for up to $2 million in earn-out payments over the next three years.

In a statement, Raven said the acquisition enhances the company’s geomembrane business through extended service and product offerings with the addition of new design-build and installation service components.

It will advance the engineered films’ business model into a vertically integrated, full-service solutions provider for the geomembrane sector. Following the acquisition, Raven engineered films will operate facilities in four states — South Dakota, Colorado, California and Texas — to further optimize and expand customer services and logistics.

”We are excited to welcome the Colorado Lining International team to the Raven family and further expand our service and product offerings for the geosynthetics industry,” said Anthony Schmidt, vice president and general manager of Raven engineered films.

“The cohesive team dynamics between Raven and the CLI group have made the close process seamless, and we plan to progressively leverage the positive synergies of the two companies to increase overall value for our customers.”

Former Colorado Lining CEO and owner John Heap will become director of business development for Raven engineered Fflms. The 90 employees will be integrated into the division, Raven said.

“Our group is thrilled to be joining Raven,” Heap said, “and we look forward to the positive enhancements we will bring to the industry by combining decades of experience. We will directly contribute to the enhanced market growth of the geomembrane segment as a new full-service provider, offering a valuable alliance to the existing partnerships Raven and CLI have established with their customers over time.”

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Raven acquires Colorado company

Sioux Falls-based Raven Industries Inc. has acquired Colorado Lining International Inc.

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