Solace Capital Partners has acquired Kansas City, Missouri-based CST Industries, a tank and dome manufacturer. No financial terms were disclosed.
LOS ANGELES–(BUSINESS WIRE)–Solace Capital Partners (“Solace”), a private equity firm focused on special situations investments in North America, today announced it has acquired CST Industries, Inc., (“CST”), the world’s largest and leading tank and dome manufacturer.
Headquartered in Kansas City, MO, with a 125-year heritage, CST Industries provides storage systems, complementary or independent cover products, proprietary coating and lining services, field installation, inspection, maintenance and retrofit proficiency, to a wide range of end markets. The company has an installed base of more than 350,000 storage tanks and 18,000 covers across 125 countries. CST has nine sales offices across the United States, Mexico, Brazil, Spain, Argentina, U.A.E., Vietnam and Australia and operates five manufacturing facilities located in North America and Europe.
Christopher Brothers, Managing Partner at Solace, said, “CST is a market leader with a blue-chip customer base, diversified revenue streams and many exciting growth opportunities. As global demand for storage tanks and covers increases, we believe CST is well positioned to leverage its scale, unique engineering and manufacturing expertise, strong and growing order backlog and significantly strengthened balance sheet to meet the needs of its customers worldwide. We are excited to partner with CEO Tim Carpenter and his team to support CST’s business objectives.”
Tim Carpenter, CEO of CST, added, “This is an exciting new chapter for our company. Over the past 18 months, we have made significant operational improvements across all facets of the business, enhancing our safety, quality, delivery, manufacturing proficiency, responsiveness and customer satisfaction. We are thrilled to partner with Solace, which recognizes the opportunities in our business and will help us reach our full potential.”
About Solace Capital Partners
Solace Capital Partners is a private investment firm focused on control-oriented special situations and distressed-for-control investments in complex, distressed or capital-constrained, lower-middle market companies. Solace’s principals have on average 25 years of relevant investing experience across various sectors and have spent more than two decades cultivating relationships across far-reaching networks. Launched in 2014, Solace has offices in Los Angeles and New York. For more information, please visit www.solacecap.com.
About CST Industries
CST is the largest dome and storage tank manufacturer in the world. CST’s existing company portfolio consists of CST Storage, CST Covers and Vulcan Tanks. Five manufacturing facilities and technical design centers and multiple regional sales offices are located throughout North America and the United Kingdom. International offices are located in Argentina, Australia, Brazil, India, Japan, Malaysia, Mexico, Singapore, Spain, United Kingdom, United Arab Emirates and Vietnam. Currently, more than 350,000 storage tanks and 18,000 covers have been installed in 125 countries throughout the world.