A Los Angeles-based private equity company yesterday completed its $830 million acquisition of Tank Holdings Corp., which makes polyethylene and steel.
Olympus Partners of Stamford, Conn., created Tank Holding Corp. (THC) in September 2008 by combining Snyder Industries, Inc., and Norwesco, Inc. Since then, it has integrated seven other acquisitions into THC, which it sold yesterday to Leonard Green & Partners, L.P.
Get alerts when new Sustainability Blog articles are available.
Besides specializing in plastic tanks for storing, transporting and processing bulk liquid and solid materials, THC manufactures many other products, including intermediate bulk containers (IBCs), material handling bins, medical waste containers, specialty pallets and marine flotation devices.
THCs executive management team, including co-CEOs Tom Smith and Tom OConnell, are investors in the transaction and will remain in their management posts, according to THC spokesman Mike Spurrier. Everything is seamless, he said, THC will just have new partners and investors. What we do will not change.
The acquisition, which has been in the works for several months, makes Leonard Green the fifth private equity company that Snyder has partnered with in the last 20 years, Spurrier said. Lincoln, Neb.-based Snyder Industries was founded in 1957 and has six locations located throughout the United States. Polyethylene tanks up to 16,500 gallons and IBCs as large as 790 gallons are among its products. Snyder has been a custom rotomolder for plastic products for over 38 years.
Norwesco, which operates 17 plants in the United States and Canada, is based in St. Bonifacius, Minn., and was founded in 1939 in St. Paul, Minn., as Northwest Plastics, Inc. It also has partnered with private equity companies in the past. It manufactures above ground tanks, water and waste tanks, pump tanks, septic tanks and valves, couplers and accessories.
Leonard Green is a private equity firm with more than $15 billion of private equity capital raised since inception. The firm, founded in 1989, has invested in 59 companies with aggregate value of $51.5 billion.
Founded in 1988, Olympus manages more than $3.1 billion on behalf of corporate pension plans, public retirement systems, university endowment funds, and the executives of Olympus’ portfolio companies.