North America's biggest rotational molder just got bigger.
Tank Holding Corp. — which includes big tank rotomolders Norwesco Inc. and Snyder Industries Inc. — has acquired the Material Handling division of Agri Plastics in Canada.
Agri Plastics' Material Handling division makes a broad range of bulk containers for transporting and storing materials for many industries, ranging from food processing to recycling. The business includes insulated containers used to handle items such as seafood and poultry.
Terms of the deal, announced Jan. 4, were not disclosed.
Tank Holding is No. 1 in the Plastics News ranking of North American rotomolders, with sales of $250 million. The company is owned by an executive management team and Los Angeles private equity firm Leonard Green & Partners LP.
“The products manufactured by Agri Plastics Material Handling division are an attractive addition to some of our existing product lines, and represent an opportunity to further expand our sales channels into new and existing markets,” said Thomas O'Connell, co-CEO of Tank Holding and president of Snyder Industries.
O'Connell said the acquisition continues the company's strategic plan over the last 15 years of acquiring companies with attractive proprietary and custom product lines.
Agri Plastics, with plants in Stoney Creek and Grassie, Ontario, is a rotomolder of a range of products such as calf hutches and pens, cargo boxes for all-terrain vehicles and other custom and proprietary products.
Darren Van Buuren, director of Agri Plastics will continue to lead the company for its remaining core business. His family founded the Canadian rotomolder in 1995. The company is based in Grassie.
Tank Holding is based in Lincoln, Neb., and St. Bonifacius, Minn.