This record is sourced from an Exhibit 99.1 press release furnished with Granite Construction's Form 8-K filed March 16, 2022, announcing the closing (not merely the signing) of the divestiture. Because the release describes the transaction's close, the deal's status at the time of this filing was fully completed.
Perella Weinberg Partners served as financial advisor to Granite on the sell side, per the release's statement that "Perella Weinberg Partners is serving as financial advisor to Granite and Shearman & Sterling is serving as legal advisor on the divestiture of Inliner." On the buy side, Houlihan Lokey served as exclusive financial advisor to Inland Pipe Rehabilitation, as stated in "Houlihan Lokey is serving as exclusive financial advisor and Jones Day is serving as legal advisor to Inland Pipe Rehabilitation on the acquisition of Inliner," making Houlihan Lokey the only advisor in the deal explicitly designated as exclusive/lead.
On the legal side, Shearman & Sterling advised Granite and Jones Day advised Inland Pipe Rehabilitation.
The release discloses that Granite intended to use proceeds from the Inliner sale, together with expected proceeds from the pending Water Resources and Mineral Services divestitures, to strengthen its balance sheet, pay down debt, and fund share repurchases; it notes the company had already spent $18.5 million in March to repurchase 611,000 shares.
Not disclosed in the sourced document is any EBITDA multiple, Inliner's standalone revenue or earnings figures, or the identity of financing sources behind Inland Pipe Rehabilitation's purchase; the filing also does not specify a signing date separate from the announced closing date.