Stamford, CT based Olympus Partners today announced that a definitive agreement has been executed to sell its portfolio company Tank Holdings Corp. ("Tank") . 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.
Gary Matt, Richard Siegel, Hank Johnson and Nick Parks of Barclays advised Tank and Olympus on the transaction.