NEW YORK, NEW YORK (March 2008) - On February 21, 2008, Pasadena Tank Corporation (“PTC”) entered into a definitive agreement to merge with HMT Inc. a portfolio company of Berkshire Partners.   

Based in Houston, Texas, PTC is a closely-held, family-owned business and a leading provider of engineering, fabrication and construction, and repair and maintenance services for aboveground storage tanks (AST). PTC provides these services for customers that produce, process, store and distribute petrochemical products throughout the world.  

HMT provides a suite of products and services to the AST industry through product sales, inspection, repair and maintenance, fabrication, engineering and design, coating and lining. This transaction allows HMT to expand its new tank fabrication business while strengthening its repair and maintenance capabilities. The combination of HMT and PTC yields a well respected, full-service leading supplier to the petrochemical industry. 

Navigant Capital Advisors, LLC (“NCA”) was engaged as PTC’s exclusive financial advisor and successfully structured, negotiated and closed this transaction. In originating this engagement, NCA worked extensively with PTC’s shareholders to effectively market the Company to a diverse group of potential acquirers, highlighting (i) PTC’s superior performance and safety record in new tank fabrication and repair and maintenance services, (ii) the benefits to the Company of increased regulatory focus on petrochemical tank inspections, and (iii) the best-in-class reputation of its ownership/management team.