Olympus Partners has acquired Tank Holding Corp for a second time. Financial terms weren’t announced. Leonard Green Partners is the seller. Tank makes and markets rotationally molded polyethylene tanks and containers under the brand names of Norwesco, Snyder, Bonar, Stratis and Bushman.
Market Tanks! As Does Olympus’ Newest Acquisition
STAMFORD, Conn., March 26, 2019 — Olympus Partners (Olympus) has acquired Tank Holding Corp (Tank) for the second time in a decade. The private equity firm based in Stamford, CT originally formed Tank with the management team in 2008 by merging Norwesco and Snyder Industries, creating the leading manufacturer and marketer of rotationally molded polyethylene tanks and containers.
Olympus acquired Tank from private equity firm Leonard Green Partners (LGP), who has owned the company since buying it from Olympus in 2012. “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.
Tank, North America’s largest rotational molder, markets their products under the brand names of Norwesco, Snyder, Bonar, Stratis and Bushman. Besides being a leader in the manufacturing of plastic tanks used to store and transport bulk liquids for a variety of industries, Tank’s product portfolio also includes dry material handling bins, insulated containers, steel transport tanks, medical waste containers, and specialty pallets.
“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 Greg Wade, President and CEO of Tank.
Founded in 1988, Olympus Partners is a 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 business services, consumer products, healthcare services, financial services, industrial services, and manufacturing.
Olympus manages in excess of $8.5 billion mainly on behalf of corporate pension funds, endowment funds and state-sponsored retirement programs. The Olympus team included Manu Bettegowda, Mike Horgan, Griffin Barstis, and Connor Wood. Olympus was represented by Jim Faley, Matthew Goulding, Michael Hanna, and Devon Mongeluzzi from Kirkland & Ellis LLP.