Olympus Partners has acquired Tank Holding Corp., a maker of rotationally-molded polyethylene tanks and containers, from Leonard Green Partners.
This transaction with Tank Holdings is the second for Olympus Partners. The firm formed Tank Holdings in September 2008 through the combination of polyethylene and steel tank manufacturers Snyder Industries (Lincoln, NE) and Norwesco (St. Bonifacius, MN) and sold the company to Leonard Green in July 2012.
Today, according to Leonard Green, Tank is North America’s largest rotational molder. The company’s products include plastic tanks used to store and transport bulk liquids, dry material handling bins, insulated containers, steel transport tanks, medical waste containers, and specialty pallets sold under the Norwesco, Snyder, Bonar, Stratis and Bushman brands.
Tank, led by CEO Greg Wade, currently operates 22 manufacturing plants and employs approximately 650 people throughout North America (www.tankholding.com). “Our management team cannot be more excited about partnering with Olympus once again. They have a great understanding of our business, and we look forward to working with them in the execution of our many growth initiatives,” said Mr. Wade
“The Tank management team has built a remarkable business with impressive and consistent performance across all of their products and customers. We are thrilled to have the opportunity to partner with the company again,” said Manu Bettegowda, a partner at Olympus.
Olympus invests in a range of industries but has specific expertise in business services, consumer products, healthcare services, financial services, industrial services, and manufacturing. In December 2017, the firm held a final closing of its seventh institutional private equity fund, Olympus Growth Fund VII LP, with an oversubscribed $3 billion of capital commitments. The firm was founded in 1988 and is based in Stamford, CT (www.olympuspartners.com).
The Olympus transaction team included Manu Bettegowda, Mike Horgan, Griffin Barstis, and Connor Wood.
Leonard Green invests in middle-market companies in a variety of situations including traditional buyouts, going-private transactions, recapitalizations, growth equity, and selective public equity and debt positions. The firm’s most recent fund, Green Equity Investors VII LP, closed in 2016 with $9.6 billion of committed capital. Leonard Green was founded in 1989 and is headquartered in Los Angeles (www.leonardgreen.com).
Kirkland & Ellis (www.kirkland.com) provided legal services to Olympus on this acquisition.
© 2019 Private Equity Professional | March 27, 2019