Hoover Container Solutions Inc. is taking on a new financial partner, the Houston-based maker of intermediate bulk containers and tanks said.
First Reserve, a Greenwich, Conn.-based private equity firm, calls itself the largest global private equity firm exclusively focused on energy.
Hoover's offerings include chemical tanks, cargo carrying units and related products and services to the global energy, petrochemical and related industrial end markets.
“After a thoughtful process, we chose First Reserve as our partner to help support Hoover in its next stage of growth. We expect First Reserve will bolster Hoover's already strong financial position and allow us to accelerate our growth plan as well as continue to introduce innovative products and services to the market,” Hoover CEO Donald Young said in a statement.
Hoover's portfolio includes a line of all-polyethylene tanks made through rotational molding. The company also makes stainless steel and carbon steel tanks.
Terms of the deal were not disclosed.