Olympus Partners today announced that an agreement has been executed to sell its portfolio company Tank Holdings to Leonard Green & Partners in partnership with the management team. Tank is a designer and manufacturer of rotationally-molded polyethylene and steel containers.
Olympus and management created Tank in September 2008 through the combination of Snyder Industries and Norwesco. Since 2008, the company has integrated seven tuck-in acquisitions, which have enhanced Tank’s product lines and geographic reach.
Norwesco is a manufacturer of polyethylene tanks primarily for agricultural, water, and below-ground septic applications. Founded in 1939, the company has 17 facilities in North America. Norwesco is based in St. Bonifacius, MN (www.norwesco.com).
Snyder Industries is a polyethylene and steel tank manufacturer serving the agricultural, industrial, oil and gas, and septic markets in North America. The company operates six facilities across the U.S and is based in Lincoln, NE (www.snydernet.com).
“Tank has been a very successful investment for Olympus. We have been very fortunate to back a very talented and seasoned management team led by Tom Smith and Tom O’Connell and work with them to drive the growth of the business and to further solidify their strengths in the marketplace,” said Manu Bettegowda of Olympus Partners.
Olympus Partners, with $3 billion of capital under management, provides equity capital for middle market management buyouts and for companies needing capital for expansion. Sectors of interest include: business services; transportation and logistics services; healthcare manufacturing and services; financial services; consumer and restaurant; and software and IT services. The firm is based in Stamford, CT (www.olympuspartners.com).
Leonard Green & Partners’ invests in middle-market companies with market-leading franchises and defensible competitive positions, attractive growth prospects and proven management teams. The firm’s investments are in the form of traditional buyouts, going-private transactions, recapitalizations, growth capital investments, corporate carve-outs and selective public equity and debt positions. Sectors of interest include retail, distribution, healthcare, aerospace/defense and consumer/business services. Leonard Green & Partners was established in 1989 and manages approximately $15 billion of equity capital. The firm is located in Los Angeles, CA (www.leonardgreen.com).
Gary Matt, Richard Siegel, Hank Johnson and Nick Parks of Barclays advised Tank and Olympus on the transaction. Olympus was represented by John Schoenfeld and Rob Kiburz of Kirkland & Ellis. Leonard Green & Partners was represented by Howard Sobel and John Giouroukakis of Latham & Watkins.