Tank Holding Acquires Dura-Cast Products, Inc.
Tank Holding, North America’s largest rotational molder, has acquired Florida based rotational molder Dura-Cast Products, Inc. Dura-Cast designs and manufactures high-quality proprietary products in bulk storage tanks, bulk laundry and linen carts, material handling bins and containers, refuse and recycling, as well as a variety of other products including marine and custom products.
“Dura-Cast augments an important part of Tank Holding’s overall growth strategy, which is to strengthen our core tank business while enhancing leading positions in adjacent markets, where we can leverage our industry knowledge and expertise to create greater value for our customers. It also provides additional regional capacity for the southeast markets,” said Greg Wade, CEO of Tank Holding.
The Dura-Cast acquisition provides additional synergy opportunities with Tank Holding’s other recent acquisitions, Waste & Recycling Plastic Containers, Chem-Tainer, Meese and RMI who are other major players in similar markets. Together, these market leading brands and product offerings provide the industry with the broadest product portfolio and the largest footprint of manufacturing facilities. The transaction includes the facility located in Lake Wales, Florida.
“Tank Holding is the ideal partner to accelerate our growth objectives. The core values of both companies are well aligned and we are confident they will continue the success for both our customers and employees for the years to come,” said David Orcutt, CEO of Dura-Cast.
The Dura-Cast announcement represents Tank Holding’s 12th acquisition in the past two years, and further enhances the company’s far-reaching portfolio of products to serve a wide variety of end markets through a growing number of distribution channels.
Besides being a world leader in the design and manufacturing of polyethylene tank and container products, Tank Holding also maintains major market positions with many other proprietary products, including intermediate bulk containers, insulated material handling bins, laundry and linen carts, refuse containers, and specialty pallets.
Tank Holding, which includes the brands of Norwesco, Snyder Industries, Bonar Plastics, Bushman, Chem-tainer, Meese, RMI and Stratis Pallets, owned by Olympus Partners and the management team, currently operates 34 manufacturing plant locations and employs approximately 1000 people throughout North America, prior to the Dura-Cast acquisition.
Olympus Partners is a private equity firm focused on providing equity capital for middle market management buyouts and for growing companies. Olympus manages in excess of $8.5 billion mainly on behalf of corporate pension funds, endowment funds and state-sponsored retirement programs.
Founded in 1988, Olympus is an active, long-term investor across a broad range of industries including business services, food services, consumer products, healthcare services, financial services, industrial services and manufacturing.