Griffin Financial Group Serves as Exclusive Investment Banker to Allentech, Inc.
Allentech, Inc. (the “Company”) is a privately held business headquartered in Allentown, PA with its origins dating back to 1986. The Company is one of the leading global manufacturers of internal floating roofs and perimeter seal systems for above-ground petrochemical storage tanks as well as covers for separator basins. Products are sold to customers in the oil and gas industry, including oil producers, pipeline companies and for-hire storage terminals. The Company is one of the industry’s pioneers with long-term customer relationships and holds significant market share in the U.S. and internationally.
Under the guidance of its core management team, the Company grew rapidly throughout the 1990’s which included the introduction of multiple patented products and expansion of its customer base to service the international market. Allentech’s parent company, General Service Corporation, was sold to Matrix Service Company (“Matrix”) in 1997. After completing a management buyout transaction from Matrix in 2005, the Company continued its rapid growth for an additional 15 years, at which point the Company’s manager-shareholders elected to seek liquidity and ultimately retire.
Griffin was engaged by Allentech as its exclusive investment banker to solicit offers to purchase the Company. Griffin managed a competitive sale process involving a select group of strategic competitors and private equity firms, which ultimately resulted in Allentech selecting HMT LLC (“HMT”) as the purchaser. HMT, a portfolio company of Tailwind Capital, LLC, is headquartered in The Woodlands, TX and provides a full-range of services including design, construction, maintenance, inspection and repairs of above-ground storage tanks.