LOS ANGELES (July 9, 3:55 p.m. ET) — Rotational molders Snyder Industries Inc. and Norwesco Inc. have a new owner.
Los Angeles-based private equity group Leonard Green & Partners purchased the two companies — joined under the operating name Tank Holding Corp. in 2008 — from private equity company Olympus Partners of Stamford, Conn., for an undisclosed amount, the companies said in a July 9 news release.
Thomas O'Connell, the CEO of Snyder, and Norwesco CEO Tom Smith, are investors in the transaction and will continue to lead Tank Holding Corp.'s direction.
THC currently operates 24 manufacturing plants and employs 680 people throughout North America. The companies specialize in large polyethylene tanks for liquid and solid material storage, used in agricultural, industrial and marine industries. They also have specialized proprietary production in steel transportation containers, insulated material handling bins, wine storage and specialty pallets.
Earlier this year, Snyder Industries purchased two former Rotonics Manufacturing Inc. rotomolding plants, in Commerce City, Colo., and Bensenville, Ill.