Aegion Corp. Board Hit With Suit to Halt Private Equity Sale

An Aegion Corp. investor sued members of its board in Delaware, seeking to stop its sale to New Mountain Capital LLC over concerns that the pipeline infrastructure company’s leaders are putting their thumbs on the scale because they’ll get to cash out millions in equity and keep their jobs.

Board members, content with those personal perks, “catered to New Mountain” by forgoing a “value-maximizing market check,” then “exacerbated their breaches of fiduciary duty by agreeing to lock up the proposed transaction with unreasonable deal protection devices,” the complaint says.

The lawsuit, filed April 23 in Delaware Chancery Court, accuses Aegion’s ...