Olympus Partners has agreed to sell Tank Holdings Corp. to Leonard Green & Partners. The deal is expected to be completed in third quarter. Financial terms weren’t announced. Tank makes and designs proprietary rotationally-molded polyethylene and steel containers. Gary Matt, Richard Siegel, Hank Johnson and Nick Parks of Barclays advised Tank and Olympus.
Stamford, Conn.-based Olympus Partners today announced that a definitive agreement has been executed to sell its portfolio company Tank Holdings Corp., (“Tank”) to an affiliate of private equity firm Leonard Green & Partners, L.P. (“LGP”) in partnership with the management team. Tank is North America’s leading designer and manufacturer of proprietary rotationally-molded polyethylene and steel containers. The transaction is expected to be completed in the third quarter.
Olympus and management created Tank in September 2008 through the combination of Snyder Industries, Inc. (“Snyder”) and Norwesco, Inc (“Norwesco”). Since 2008, the company has successfully integrated seven tuck-in acquisitions, which have added to the breadth of capabilities and further enhanced Tank’s product lines, geographic reach and market leadership positions.
Manu Bettegowda of Olympus Partners commented that “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.”
Founded in 1988, Olympus Partners is a Stamford, Conn.-based private equity firm focused on providing equity capital for middle market management buyouts and for companies needing capital for expansion. Olympus is an active, long-term investor across a broad range of industries, including healthcare services, financial services, consumer products, restaurants and business services.
Olympus manages in excess of $3 billion on behalf of corporate pension funds, endowment funds and state-sponsored retirement programs.
LGP is one of the nation’s preeminent private equity firms with over $15 billion of private equity capital raised since inception. Founded in 1989, the firm has invested in 59 companies with aggregate value of $51.5 billion in the form of traditional buyouts, going-private transactions, recapitalizations, growth capital investments, corporate carve-outs and selective public equity and debt positions. Based in Los Angeles, Calif., LGP invests in established companies that are leaders in their markets.
Olympus was represented by John Schoenfeld and Rob Kiburz of Kirkland & Ellis LLP. LGP was represented by Howard Sobel and John Giouroukakis of Latham & Watkins LLP. Gary Matt, Richard Siegel, Hank Johnson and Nick Parks of Barclays advised Tank and Olympus on the transaction.