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Case Study

Tank Holding Corp

Lincoln, NE

Overview

Olympus created Tank Holding Corp. (“Tank”) in 2008 through the merger of Lincoln, NE based Snyder Industries and St. Bonifacius, MN based Norwesco Industries. Snyder was the leader in North American rotational molded storage systems serving the chemical, industrial and energy sectors and Norwesco was the leader in rotationally molded storage containment systems serving the rapidly growing liquid fertilizer and water storage industries in North America. From 2008 to 2011 through organic growth as well as eight acquisitions, Tank grew from six to 22 sites and $15 million to over $80 million in EBITDA.

Outcomes

  • Olympus continued to follow the developments in Tank’s end markets and remained in contact with Tank’s management team after selling the business. When Tank’s new owner decided to try to exit the business Olympus in 2019 Olympus knew that it was the ideal time to re-enter the markets served by Tank and continue the successful business plan executed between 2008 and 2011. Olympus and the management team began a new partnership in March 2019 at which point Tank had approximately $95 million of EBITDA.
  • From March 2019 through March 2021 Olympus re-started Tank’s acquisition program and have closed on over 10 acquisitions growing its core market as well as expanding into new end markets across North America. Tank’s new product development pipeline has also re-ignited the organic growth in the Company.

Within the first two years of Olympus’ second time around with Tank, the Company was able to grow EBITDA over 50% million.