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VALMONT AND ERICSSON TO ACQUIRE CONCEALFAB WILL ACCELERATE GROWTH IN TELECOM MARKET
Source: Valmont Industries news release

OMAHA, Neb.-- Valmont Industries, Inc. (NYSE: VMI), a global leader that provides vital infrastructure and advances agricultural productivity while driving innovation through technology, today announced that it has signed a definitive agreement to acquire a majority interest in Colorado-based ConcealFab, an industry leader in 5G infrastructure and passive intermodulation (PIM) mitigation solutions.

Ericsson, a global leader in 5G technology, will reinvest their ConcealFab equity and hold a minority position in the new company.

The strategic partnership with Ericsson to acquire ConcealFab aligns Valmont with a leading provider of innovative 5G infrastructure and PIM mitigation solutions. Founded in 2007 in Colorado Springs, CO., ConcealFab has been recognized as one of the fastest growing companies in the Telecom industry.

Their success is a result of their first-to-market innovation, customer-centric fulfillment strategy and ability to design, manufacture and meet ever-changing and specific industry demands. ConcealFab's partnerships with wireless operators, utilities, and major OEMs have also been a key driver in their rapid growth and will continue to support future expansion.

"Valmont is advancing our infrastructure portfolio with a greater focus on high-growth and high return on invested capital opportunities," said Valmont's Aaron Schapper, group president, Infrastructure. "The future of infrastructure, especially in the telecommunications space, relies on connectivity, sustainable solutions and seamless expansion across the globe. I'm proud to say that together, this partnership between Valmont, Ericsson and ConcealFab will play a central role in meeting the integrated telecommunication needs of the future by leveraging our companies' deep customer relationships, customer-centric values, and our combined footprint to accelerate our growth strategy."

"Investing in 5G infrastructure aligns with Ericsson's goal to streamline the delivery of 5G networks throughout North America," said Kevin Zvokel, head of networks, Ericsson North America. "We believe the combined strengths of Ericsson, Valmont and ConcealFab will address critical pain points and further propel the delivery of 5G technology to our customers throughout the U.S. We are excited to be a part of their future."

"This is a pivotal moment for Valmont," said Joseph Catapano, president, Global Telecom at Valmont. "We hold a firm commitment to innovation and putting our customers first-this is shared by both ConcealFab and Ericsson. With this transaction and our combined portfolio of products, services, and capabilities, we are positioned to usher in a new era of unprecedented innovation and customer service. We are excited to welcome ConcealFab to the Valmont Team."

Valmont's Telecom strategy is focused on three key objectives: providing vital end-to-end infrastructure products, spreading inclusive connectivity by investing in strategic partnerships, and expanding its manufacturing footprint globally. The joint acquisition brings this strategy to life and positions Valmont and ConcealFab with the opportunity to immediately accelerate expansion in the concealment, PIM solutions and RF markets.

"As an early innovator in 5G and small cell infrastructure, ConcealFab has been bridging the gap between an evolving technology and market needs for 15 years, and this combination with Valmont and Ericsson presents an accelerated path for further growth and expansion," said ConcealFab CEO Jonathan Fitzhugh. "Valmont's global manufacturing footprint and established presence with key stakeholders uniquely position us to meet the anticipated ramp in demand for telecom infrastructure across the US and beyond. We are looking forward to improving connectivity for customers around the world."

The transaction will be funded with cash on hand, and is expected to be immediately accretive to earnings, with Year-1 revenue of approximately $50 million. The transaction is expected to close in the second quarter of 2022 and is subject to customary closing conditions.

About Valmont Industries, Inc.

For over 75 years, Valmont® has been a global leader in creating vital infrastructure and advancing agricultural productivity. Today, we remain committed to doing more with less by innovating through technology. Learn more about how we're Conserving Resources. Improving Life.® at valmont.com.

About Ericsson

Ericsson enables communications service providers to capture the full value of connectivity. The company's portfolio spans Networks, Digital Services, Managed Services, and Emerging Business and is designed to help our customers go digital, increase efficiency and find new revenue streams. Ericsson's investments in innovation have delivered the benefits of telephony and mobile broadband to billions of people around the world. The Ericsson stock is listed on Nasdaq Stockholm and on Nasdaq New York. www.ericsson.com

About ConcealFab

Quality and innovation are what set ConcealFab apart. Since we began in 2007, we've stayed true to our values - delivering engineering excellence and partnering with OEMs in a highly evolving telecom industry. Today, our small cell concealment and interference mitigation products line city streets across America, and we continue to innovate for the future that 5G technologies will deliver. We are proud of our team, growth, and to be recognized as an Inc. 5000 company. We welcome you to learn more about our company at concealfab.com or visit us at our 160,000 square foot facility in Colorado Springs, CO where we engineer and manufacture our products.


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