XMS NEWS CENTER

XMS Capital Partners Serves as Financial Advisor to Industrea Acquisition Corp. on Business Combination with Concrete Pumping Holdings

Dec

06 2018

XMS Capital Partners Serves as Financial Advisor to Industrea Acquisition Corp. on Business Combination with Concrete Pumping Holdings

CHICAGO, ILLINOIS, December 6, 2018 — XMS Capital Partners, LLC (“XMS”), a global, independent financial services firm focused on providing M&A, corporate advisory and asset management services, announced that it served as financial advisor to Industrea Acquisition Corporation on its business combination with Concrete Pumping Holdings, Inc. (“CPHI”).

The business combination resulted in Industrea and CPHI becoming wholly owned subsidiaries of Concrete Pumping Holdings Acquisition Corp., which has changed its name to Concrete Pumping Holdings, Inc. (“CPH” or the “Company”). CPH expects that its common stock and warrants will commence trading on the Nasdaq Capital Market on December 7th, 2018, under the ticker symbols “BBCP” and “BBCPW,” respectively. CPH is the leading provider of concrete pumping services in the fragmented U.S. and U.K. markets, operating the only established, national brands in both markets (Brundage-Bone and Camfaud, respectively), and concrete waste management services under the Eco-Pan brand. CPH is led by CEO Bruce Young, who is a 38-year veteran of the industry and will continue to serve in that role and hold a seat on the new board of directors. Commenting on the transaction, Young stated, “We are excited to take this next step as a company and believe we are now even better positioned to continue to deliver our industry-leading services in the U.S. and U.K. CPH has long desired to be a public company to access the capital markets in order to further grow our differentiated platform, and now that we have opened this next chapter, we are eager to add to our significant scale, geographic reach, and service line offering.”

With the industry’s most comprehensive fleet and highly-skilled operators, CPH provides highly specialized, quality service and is especially suited to support large and complex construction projects. It provides concrete pumping services in the U.S. from a footprint of 80 locations across 22 states under the Brundage-Bone brand, and in the U.K. from 28 locations under the Camfaud brand. CPH is well-diversified across the commercial, infrastructure and residential end-markets, and serves a growing base of more than 8,000 customers with minimal customer concentration.

Howard Morgan, former CEO of Industrea Acquisition Corp., said, “We are thrilled to partner with Bruce and the highly experienced CPH team in this next stage of their growth. CPH is unrivaled in its ability to serve the concrete pumping and waste management market, and we look forward to continuing to support them as directors of the combined company.”

Concrete pumping is a specialized method of concrete placement that requires highly-skilled operators to position a truck-mounted boom for precise delivery when direct pouring is not feasible. The customer value proposition of concrete pumping includes shortened project times, enhanced access to challenging construction locations, consistent placement and enhanced job site safety. Importantly, since concrete pumping is also materially less labor-intensive than traditional placement methods, it represents a superior all-in cost solution for customers who are operating in an environment characterized by high construction labor costs. As a result of its attractive customer value proposition, concrete pumping has increasingly displaced other concrete placement methods.

Tariq Osman, former executive vice president of Industrea Acquisition Corp. commented, “In this next phase of growth, we’re looking forward to continuing the rollout of CPH’s complementary, full-service, cost-effective, and regulatory-compliant solution to manage environmental issues caused by concrete wastewater (“washout”) under the Eco-Pan brand. Its route-based solution operates from 13 locations in the U.S., provides watertight pans used to collect concrete washout, and ensures fully-compliant disposal and recycling of the waste.”

With the closing of the business combination, CPH’s board now consists of Bruce Young, CPH CFO Iain Humphries, Howard Morgan, Tariq Osman, Heather Faust, and four independent directors, including chairman David Brown, Brian Hodges, David Hall, and John Piecuch. In addition, CPH expects three directors designated by former majority shareholder, Peninsula Pacific, to be appointed to the board following the closing.

Industrea was advised on the transaction by B. Riley FBR, Stifel, Headwall, and XMS Capital Partners. B. Riley FBR also acted as sole placement agent for the PIPE investments. Winston & Strawn LLP acted as Industrea’s legal counsel. Ellenoff Grossman & Schole LLP acted as legal counsel to B. Riley FBR. CPHI and Peninsula Pacific were advised by Baird with Latham & Watkins LLP acted as legal counsel to CPHI and Peninsula Pacific. Ballard Spahr LLP also acted as legal counsel to CPHI.

About XMS Capital Partners

XMS Capital Partners, established in 2006, is a global, independent financial services firm providing investment banking, asset management and merchant banking services to clients. It has offices in Chicago, London and Dublin.

XMS provides Involvement BankingTM, which goes beyond transaction oriented investment banking and focuses on delivering objective, value added advice and custom tailored solutions to help clients achieve their strategic goals. It consistently creates value for its clients by giving them access to comprehensive, independent M&A, strategic advisory, financial restructuring, capital structure advisory and private capital advisory expertise.

XMS Capital Partners, LLC is a FINRA member and SIPC member. XMS Capital Partners (UK) Limited is authorized and regulated by the Financial Conduct Authority. For more information, please visit www.xmscapital.com.

Concrete Pumping Holdings (CPH)

CPH is the leading provider of concrete pumping services and concrete waste management services in the fragmented U.S. and U.K. markets, operating under the only established, national brands in both markets (Brundage-Bone and Camfaud, respectively). Concrete pumping is a specialized method of concrete placement that requires highly-skilled operators to position a truck-mounted fully-articulating boom for precise delivery of ready-mix concrete from mixer trucks to placing crews on a job site. CPH’s large fleet of specialized pumping equipment and trained operators position it to deliver concrete placement solutions that facilitate substantial labor cost savings to customers, shorten concrete placement times, enhance worksite safety and improve construction quality. CPH is also the leading provider of concrete waste management services in the U.S. market, operating under the only established, national brand, Eco-Pan. Highly complementary to its core concrete pumping service, Eco-Pan provides a full-service, cost-effective, regulatory-compliant solution to manage environmental issues caused by concrete washout. As of July 31, 2018, CPH provides concrete pumping services in the U.S. from a footprint of 80 locations across 22 states, concrete pumping services in the U.K. from 28 locations, and route-based concrete waste management services from 13 locations in the U.S. For more information, visit www.concretepumpingholdings.com.

Industrea Acquisition Corp.

Industrea Acquisition Corp. is a special purpose acquisition company formed by an affiliate of Argand Partners for the purpose of entering into a merger, stock purchase, or similar business combination with one or more businesses in the industrial sector. Industrea Acquisition Corp. completed its initial public offering in August 2017, raising approximately $230 million in cash proceeds. For more information, visit www.IndustreaEquity.com.

Deal Contact:

Chris Salamasick