Tank Holding Acquires Meese
Tank Holding, North America’s largest rotational molder, has acquired rotational molder Meese Inc. (formerly MODRoto and Meese Orbitron Dunne), a recognized leader in the design and manufacturing of bulk laundry and linen carts, material handling bins and containers, as well as a variety of other products including recycling bins and recreational products.
“Meese represents an important part of Tank Holding’s overall growth strategy, which is to establish leading positions in markets that are adjacent to our legacy core business, where we can leverage our industry knowledge and expertise to create greater value for our customers,” said Greg Wade, CEO of Tank Holding.
The Meese acquisition also provides some intriguing synergy opportunities with one of Tank Holding’s other recent acquisitions, Chemtainer, who is another major player in the laundry linen, and broader material handling market. These two market leading brands and product offerings would provide the industry with the broadest product portfolio, from a larger footprint of manufacturing facilities. The transaction includes two rotational molding facilities, located in Madison, Indiana and Ashtabula, OH.
“Tank Holding is the ideal partner to help Meese achieve the team’s long-term growth objectives, and will enable the Tingue Brown organization to refocus our business on other strategic interests,” said David Tingue, CEO of Tingue Brown & Co (Parent company to Meese Inc.).
The Meese announcement represents Tank Holding’s 10th acquisition in about 16 months, 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, refuse containers, and specialty pallets.
Tank Holding, which includes the brands of Norwesco, Snyder Industries, Bonar Plastics, Bushman, Chemtainer and Stratis Pallets, owned by Olympus Partners and the management team, currently operates 34 manufacturing plant locations and employs approximately 850 people throughout North America, prior to the Meese 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.