ClockSpring|NRI, manufacturer of highly innovative and engineered products for the repair and rehabilitation of global critical infrastructure, has acquired Milliken Infrastructure Solutions, LLC, previously a subsidiary of Milliken & Company, expanding its line of superior composite solutions for industrial process and transmission pipelines and adding new, pioneering technologies for water and wastewater infrastructure restoration.
“This acquisition expands ClockSpring|NRI’s ability to address complex integrity issues,” says ClockSpring|NRI CEO Matthew Boucher. “Our combined engineering expertise and complementary product lines enable us to offer the most comprehensive suite of products and services for the safe and sustainable repair, maintenance, and construction of critical infrastructure.”
With this acquisition, the ClockSpring|NRI solutions portfolio now includes GeoSpray™, a high-performance spray-on geopolymer mortar lining that provides trenchless pipe rehabilitation and structural strengthening for sewer, water, and wastewater lines; Concrete Cloth, the “concrete on a roll” flexible concrete-impregnated fabric designed for berm and secondary containment and erosion control; the Atlas™ carbon-fibre system for pipeline repairs that require strain reduction due to dynamic loading conditions; and the RenewWrap™ FRP strengthening systems for civil repair applications, as well as other complementary repair technologies.
Atlas™ and RenewWrap™ are among the products that will be integrated into the ClockSpring|NRI Composites Division. ClockSpring|NRI will create a new Concrete Solutions Division led by John Hepfinger, who previously served as Global Market Director for Milliken Infrastructure Solutions and brings nearly 30 years of experience to his new role. Hepfinger will report directly to CEO Matthew Boucher as a member of the ClockSpring|NRI leadership team.
“Milliken Infrastructure Solutions has grown tremendously over the last few years as customers have increasingly adopted these differentiated products that solve relevant infrastructure rehabilitation challenges,” comments Alex Kim, executive vice president of corporate strategy and development for Milliken & Company. “With their global scale and focus on infrastructure, we believe that ClockSpring|NRI will be able to accelerate the growth and achieve the full potential of this business.”
ClockSpring|NRI’s financial sponsor, Wind Point Partners, was instrumental in helping to complete the transaction. Wind Point is an active investor in industrial products and services with relevant investments including Kleinfelder (a multi-disciplinary engineering firm with significant experience in critical infrastructure) and Interface Performance Materials (a manufacturer of fibre-reinforced and composite products).
Alex Washington, Wind Point Partners managing director, states, “This transaction enhances the breadth of ClockSpring|NRI’s comprehensive portfolio and highlights the capabilities we bring to help portfolio companies scale. In cooperation with management, Wind Point will seek to continue growing the platform through a combination of organic growth and accretive acquisitions.”
Clock Spring|NRI additionally was advised by Kirkland & Ellis and KPMG. Jones Day supported Milliken & Company during the transaction process.