Brentwood Capital Advisors Serves as Exclusive Financial Advisor to Cornerstone Detention Products and Arranges $27.0 Million to Support the Transaction.
Brentwood Capital Advisors LLC recently acted as the exclusive financial advisor to Cornerstone Detention Products, Inc. (“Cornerstone” or the “Company”) in its acquisition of Norment Security Group (“Norment”) and assisted the Company in obtaining $27.0 million in debt financing led by Monroe Capital LLC.
Cornerstone is a leading provider of services and engineered detention products, furnished and installed, in the United States and Canada. Based in Madison, Alabama, the Company specializes in the engineering, design, distribution, installation and project management of institutional detention equipment and products for the jail and prison industries at the federal, state, county, private and local levels.
Norment Security Group is one of the oldest and most respected detention contractors in the industry, and the security group includes the brands of Airteq®, Trentech® and ECS®. Airteq® manufactures security locks, sliding devices, and door hardware. Trentech® and ECS® provide custom designed and fabricated electronic security systems. In addition, Norment is a leader in facility maintenance and service operations.
Cornerstone’s Chief Executive Officer, Mitch Claborn, remarked, “The complementary strengths of Cornerstone and Norment position us to emerge as the leading product and service provider in the industry. We were pleased to work with Brentwood Capital whose experience and skills played an important role in the successful combination of two industry pillars.”
“Cornerstone is a leader in the detention contracting and services market,” stated John Allgood of Brentwood Capital Advisors LLC. “The addition of Norment Security Group will expand Cornerstone’s capabilities and solidify its strong market position. We were pleased to serve as Cornerstone’s exclusive financial advisor on this transaction and enjoyed working with the Cornerstone team.”
About Cornerstone Detention Products, Inc.
Formed in 1998 by Mitch Claborn, Cornerstone has become one of the leading providers of services and engineered detention products, furnished and installed, in the United States and Canada. Cornerstone specializes in the engineering, design, distribution, installation and project management of institutional detention equipment and products for the jail and prison industries at the federal, state, county, private and local levels.
About Brentwood Capital Advisors LLC
Brentwood Capital Advisors LLC, founded in 1999, is a privately held investment bank headquartered in Nashville, Tennessee, providing mergers & acquisitions and capital-raising advisory services to middle-market companies in the business services, financial services, information technology, and healthcare sectors. BCA has served as exclusive financial advisor in over 60 successfully closed transactions in these sectors, representing more than $4.0 billion in value. For more information, visit www.brentwoodcapital.com.