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 structure encompassed an Employee Stock Ownership Plan (ESOP) and Company leadership 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 having a conversation with Promontory Point Capital and PPC 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