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Jul 07, 2023

Westlake Securities Advises Heath Consultants on the Divestiture of Norton Corrosion to Tanknology

News provided by 14 Sep, 2022, 10:27 ET Share this article AUSTIN, Texas, Sept. 14, 2022 /PRNewswire/ -- Westlake Securities, Austin's leading middle market investment bank, is pleased to announce

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14 Sep, 2022, 10:27 ET

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AUSTIN, Texas, Sept. 14, 2022 /PRNewswire/ -- Westlake Securities, Austin's leading middle market investment bank, is pleased to announce that it served as the exclusive financial advisor to Heath Consultants Incorporated ("Heath") on the divesture of its subsidiary Norton Corrosion Limited, LLC ("Norton") to Tanknology Inc., a portfolio company of Hamilton Robinson Capital Partners ("HRCP").

Founded in 1959 and acquired by Heath in 2014, Norton is a Woodinville, Washington-based provider of corrosion inspection services, engineering services and high-quality corrosion control products. Westlake Securities was engaged by Heath to help evaluate the potential divestiture of Norton and ran a targeted process focused on strategic parties active in the testing, inspection and certification (TIC) space. Drew Sitgreaves, CEO of Heath Consultants, said, "Westlake's experience in the utility services market, industry and private equity relationships, and familiarity working with family-owned businesses were instrumental in helping us execute on this strategic objective."

As a third-generation, family-owned business, Heath was seeking a partner for Norton that would be both a cultural and strategic fit to build upon Norton's rich 60-year legacy. Tanknology stood apart as an ideal partner given their shared commitment to a customer-centric culture and delivery of the highest quality of service.

The Westlake team was honored to represent Heath and Norton in this transaction, and we look forward to the post-transaction success of Heath, Norton, Tanknology, and HRCP.

Since 1933, Heath Consultants has been an industry leader in utility protection and damage prevention. Heath partners with well-recognized research and development organizations and industry trade associations to provide state-of-the-art products and services to various utility markets, including products specifically designed to detect natural gas (methane) leaks as a greenhouse gas (GHG) emission and services for environmental and public safety. Heath is based in Houston, Texas with over 1,800 employees across the United States. heathus.com

Founded in 1959 based in Woodinville, Washington, Norton Corrosion designs, manufactures, and installs state-of-the-art cathodic protection systems and corrosion control products for nearly any application, including service to the Power Generation, Petrochemical, Marine, Defense, Wastewater, Manufacturing, Municipal, Transportation, Aviation, Structural and Agricultural industries. Norton also designs proprietary, state-of-the-art products for specialty applications. www.nortoncorrosion.com

Tanknology, the world's largest provider of environmental compliance testing, inspection services, corrosion prevention and fuel quality solutions, services more than 85,000 petroleum fueling and storage facilities per year. The company provides more than 30 compliance-related service offerings and holds 22 patents for leak detection and tank monitoring technology. Internationally, Tanknology licensees span more than 20 countries, providing services to the largest petroleum operators in the world. Tanknology was recapitalized by company management and Hamilton Robinson Capital Partners in 2019. www.tanknology.com

Westlake Securities is a middle-market investment bank founded in 2003 and headquartered in Austin, Texas. Westlake delivers superior execution and results to its clients with deep transactional experience, comprehensive technical analysis and hands-on involvement of our senior professionals. www.westlakesecurities.com

Disclosures: Securities offered by FNEX Capital, LLC, Member of FINRA and SIPC. Westlake Securities is not affiliated with FNEX Capital.

SOURCE Westlake Securities, LLC