Hoover, which supplies tote bins to the lubricants industry, is now under independent ownership following a buyout led by its chief executive officer. Financial terms were not disclosed.
A group led by Hoover Group CEO Donald Young purchased a controlling interest in Hoover from a Citgroup subsidiary, the firm announced Thursday. Under management-led, independent ownership, our companys attention and capital will be solely focused on the continuous improvement of Hoovers industry-leading, high quality products and the expansion of our customer service capabilities and product offerings, Young stated.
The deal is expected to close within about the next 30 days, Hoover marketing manager Joan Carter told Lube Report.
Hoovers Liquitote stainless steel and carbon steel intermediate bulk containers are used for storage of lubricants and chemicals. Customers also use the firms grease bins to store, transport and dispense greases, lubricants and oils.
The company manufactures and distributes its products from a 240,000 square foot facility in Houston, where it is headquartered. Hoover also has sales and distribution facilities in the United Arab Emirates, Australia, Chicago and Lafayette, La.