Tank Holding Acquires Hoover Ferguson IBC Manufacturing Assets
Tank Holding, the parent company of intermediate bulk container (IBC) manufacturer, Snyder Industries, has acquired the IBC manufacturing assets from Hoover Ferguson, which further strengthens the company’s market position, as the leading North American manufacturer of reusable and returnable IBCs, also known as portable tote tanks used to transport chemicals and food products.
Hoover Ferguson is a global provider of material handling container solutions for the energy, petrochemical and general industrial markets, including the rental and other integrated services of IBC products, which is a market they will continue to serve, as a customer of the IBCs manufactured by Snyder Industries.
“We are excited about expanding our IBC manufacturing capacity and footprint, and look forward to serving Hoover Ferguson and their customers with the full breadth of our IBC product portfolio, as well as other Tank Holding products,” said Greg Wade, CEO of Tank Holding.
“The sale of Hoover Ferguson’s IBC manufacturing assets will enable our company to increase our strategic focus, energy, and resources on the rental and integrated services of IBC products. And Tank Holding is the ideal supply partner to help us achieve our objectives in this regard,” said Kevin Friar, CEO of Hoover Ferguson.
The Hoover Ferguson announcement represents Tank Holding’s 8th acquisition in about 16 months, but is the first over this time frame to involve another manufacturing process, besides rotational molding. The Hoover Ferguson plant is a steel manufacturing facility, located in Houston, TX, which reflects part of Tank Holding’s strategic desire to expand the company’s manufacturing process capabilities to better serve both new and existing customers.
“Strengthening our manufacturing platform and process knowledge is a part of our overall growth strategy, investing in our core product segments across multiple manufacturing platforms will allow us to deliver more value to our extensive customer base,” said Wade.
Besides being North America’s largest manufacturer of reusable IBCs, Tank Holding is also the largest rotational molder of polyethylene tank and container products for the agricultural, industrial, water and waste water markets, and maintains major market positions with many other proprietary products, including refuse containers, material handling bins, laundry and linen carts, and specialty pallets.
Tank Holding, which includes the brands of Norwesco, Snyder Industries, Bonar Plastics, Bushman, Chemtainer and Stratis Pallets, is owned by Olympus Partners and the management team, currently operates 33 manufacturing plant locations and employs approximately 800 people throughout North America, prior to the Hoover Ferguson plant 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.