BETHESDA, Md., AND DOWNEY, Calif.–(BUSINESS WIRE)–IMB Partners (“IMB”), a leading middle market private equity firm specializing in utility, industrial, and government contracting services, today announced its strategic investment in Farwest Corrosion Control Company (“Farwest”), a California-based cathodic protection and corrosion control services company with customers across 20 different countries, including the US. Financial details of the transaction were not disclosed.
For over 60 years, Farwest has led the corrosion protection industry in materials design, distribution, project engineering, and installation. Farwest is a recognized preferred supplier by major underground pipeline companies based on its solutions-oriented approach, knowledgeable and responsive team, and high-quality products.
“Farwest’s ability to maintain relationships through not only decades but generations of customers is a credit to their excellence,” said Tarrus Richardson, Founder and CEO of IMB Partners. “IMB and Farwest share the values of family-owned businesses, and we see tremendous opportunities to build on the growth that the company has achieved.”
IMB Partners’ investment in Farwest follows its recent strategic investment in Carr & Duff, a leader in specialty electrical construction. Both investments position IMB to expand its utility services business nationwide. The investments land just in time to take advantage of increased infrastructure spending from the Biden administration’s recent $1.2 trillion Infrastructure Investment and Jobs Act. Many of the set asides in the bill overlap with markets serviced by Farwest and Carr & Duff. With IMB’s strategic guidance and support, Farwest is well-positioned to build on its current product and service capabilities.
“I began my Farwest career at the age of 12, working in production for my father, and Marnie Rankin joined the company as a receptionist when she was only 18,” said Troy Rankin, President of Farwest. “Together, and with a great team, we have managed the business through incredible changes over the last 40 years. Going forward, the Farwest legacy will continue under the same leadership team, with a continued commitment to quality products and services. I am excited to be partnering with Tarrus Richardson and his team at IMB to continue to grow our business.”
Stonehenge Capital Company provided a uni-tranche capital solution through its SBIC fund. Citrin Cooperman provided accounting services, and Taureau Group operated as the exclusive sell-side financial advisor.
About IMB Partners:
Founded in 2010, IMB is a private equity independent sponsor focused on investing and partnering with management teams to grow lower middle market companies serving government agencies and electric and gas utilities. IMB believes that diversity is an asset and takes an entrepreneurial approach to building companies of scale. IMB seeks platform investment targets with $5-$25 million in EBITDA and will go as low as $1 million in EBITDA for add-on investments. Learn more at imbpartners.com or connect with us on LinkedIn.
About Stonehenge Capital:
Founded in 1999, Stonehenge Capital Company is a nationally recognized Impact Investor. Since inception, Stonehenge has invested in over 750 small businesses and transformational projects in underserved markets around the country. Today, the firm continues to invest in small businesses and the communities they serve, through the Stonehenge Community Impact Fund, LP. The fund is a licensed Small Business Investment Company (“SBIC”) that targets growing businesses with credit needs ranging from $3 – $15 million and prioritizes those creating sustainable jobs and operating in areas targeted for economic development. Visit us at www.stonehengecapital.com.