IMB Partners Makes Strategic Investment in Farwest Corrosion Control Company
November 1, 2022
IMB Partners Builds Infrastructure Portfolio with Investment in Farwest Corrosion Control Company
Second strategic investment this year to align with US Infrastructure Bill
BETHESDA, MD, AND DOWNEY, CA October 28, 2022 – 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 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.