$10 million ‘highly-strategic acquisition’
“We are excited to welcome SynTec, a proven leader and manufacturer of geosynthetic drainage and soil reinforcement products, into the GSE family,” said Mark Arnold, president and CEO of GSE Environmental.
“The addition of SynTec highlights our focus on identifying and completing highly-strategic acquisitions. SynTec represents an entry for us into the civil market and provides us access to new technology for environmental and civil applications,” Arnold said.
The press release said that SynTec, based in Baltimore, Md., has annual revenues of approximately $20 million; and it also noted that SynTec co-founders, Giovanni Capra and Aigen Zhao, will remain with GSE after the acquisition.
In an October 2009 transaction, SynTec was born via its acquisition of the environmental division of Tenax Corp., also based in Baltimore. According to a press release distributed Oct. 13, 2009, “SynTec acquired the assets related to the manufacturing of drainage nets and geocomposites, and also entered into a series of multiyear agreements for the distribution of geogrids used in environmental applications such as landfills and ponds.” At that time, SynTec also entered into an agency agreement to represent Tenax products manufactured for civil engineering applications.
GSE is a global manufacturer and marketer of geosynthetic lining solutions, products and services used in the containment and management of solids, liquids, and gases for organizations engaged in waste management, mining, water, wastewater, and aquaculture.