PPC Advises Protanic, Inc. on Sale to Stenstrom Co.

Promontory Point Capital is excited to announce another one of our firm's recent client successes.

Based in southeastern Wisconsin, Protanic, Inc. is one of the oldest and most experienced providers of underground storage tank (UST) compliance testing services in the United States. Since its inception in 1972, Protanic has been growing its suite of compliance services encompassing tank, line & leak detector testing, corrosion protection testing, and containment testing, along with offering a variety of other industrial and commercial inspection services. Protanic is also viewed as an industry leader in providing operator training which has supported the continued growth of the Company's brand across the petroleum industry and other sectors.

Protanic's ownership, which encompassed Company leadership and an Employee Stock Ownership Plan (ESOP), desired to explore strategic alternatives for the business during 2021. The Company's law firm, along with certain members of Protanic's Board of Directors, recommended Promontory Point Capital, which was subsequently engaged during January of 2021. PPC led a confidential and targeted marketing process, and after soliciting multiple competing offers, PPC helped Protanic negotiate a Letter of Intent with Stenstrom Co. Ltd., a Rockford, Illinois-based provider of construction, petroleum, and other services. After finalizing LOI negotiations, PPC managed the entire due diligence process and assisted in closing the transaction between Protanic and Stenstrom during the summer of 2021. The sale of Protanic, Inc. to a strategic buyer represented another successful Done Deal for our firm.

Promontory Point Capital is a Milwaukee-based investment banking firm focused on the needs of Midwestern privately-held businesses. Since being formed in 2004, our firm has led over 150 client engagements including the evaluation of business sale and recapitalization options, the arrangement of debt and equity financing, and the planning and execution of growth strategies involving acquisitions, mergers, and joint ventures. Many inquiries to Promontory Point Capital include business objectives encompassing:

Ownership Planning, including Transition & Liquidity Goals: We are frequently introduced to owners or senior management teams when owners are interested in learning about their options involving a potential sale of all or a portion of their business. We have arranged transactions involving strategic partners, private equity firms, ESOPs, management buyouts, and other types of shareholder “recaps” including both minority and majority recapitalizations.

Financing, Refinancing, & Debt Restructuring: A company may have either short-term or long-term funding needs that are beyond the comfort zone of its existing senior bank lender. PPC arranges capital for companies including senior bank debt, non-bank debt, subordinated debt, sale-leaseback, and other forms of institutional funding to fund growth, acquisitions, shareholder redemptions, management buyouts, and other corporate purposes.

Strategic Growth/M&A: A company may have an interest in growing and expanding by acquisition or strategic joint venture and wish to have an initial conversation regarding their strategic growth objectives.

We welcome your confidential inquiry and encourage you to visit our firm's new website at

www.promontorypointcapital.com for more information on our organization's capabilities and numerous other client successes.