Forterra has filed an S-1 form with the U.S. Securities and Exchange Commission (SEC) regarding its initial public offering (IPO). Although no pricing details were given in the filing, the offering is valued up to $100 million. The company has yet to decide on which exchange it will list its stock or even under what symbol.
The underwriters for this offering are Goldman Sachs, Citigroup and Credit Suisse.
This company is a leading manufacturer of pipe and precast products by sales volume in the United States and eastern Canada for a variety of water-related infrastructure applications, including water transmission, distribution and drainage. Forterra provides critical infrastructure components for a broad spectrum of construction projects across residential, nonresidential and infrastructure markets.
Forterra’s extensive suite of end-to-end products covers “the First Mile to the Last Mile” of the water infrastructure grid, ranging from large diameter pipe that transports water to and from treatment centers and manages drainage along major transportation corridors, to smaller diameter pipe that delivers potable water to, and removes wastewater from, end users in residential and commercial settings.
The company employs a specialized technical sales force, including engineers and field service representatives, which enables it to deliver a high degree of customer service, create tailored solutions and ensure the products meet project specifications to maximize applications in the field. Management believes that the product breadth, footprint in the United States and eastern Canada and significant scale help make Forterra a one-stop shop for water-related pipe and products, as well as a preferred supplier to a wide variety of customers, including contractors, distributors and municipalities.
In the filing, Forterra detailed that it intends to use the net proceeds from this offering to repay its indebtedness. The company intends to put the remainder of proceeds toward working capital and general corporate purposes.
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