Independent Investment Bankers Corp “IIBC” along with Challenge Group International managing partner Andrew J Martin were engaged to secure private equity funding for a sale and majority recapitalization of BBB Tank Services Inc., a  provider of maintenance and repair services to the above ground storage tank market along with new tank build  midstream energy sector.

CGI was responsible for securing the private equity capital from Turning Basin Capital ” TBC”, an established private equity firm that invests alongside owners and managers of profitable and growing companies in the lower middle market. Turning Basin focuses on companies with enterprise values between $5 million and $20 million.  TBC partnered with existing management principals of BBB Tank Services and the new entity will be headed by president Jacob Swain.

The transaction was closed on April 6, 2016.  Mainstreet Capital (NYSE:MAIN) provided first lien debt and equity co-investment to facilitate the acquisition of BBB.