For the second time in a month, Tank Holding Corp. is expanding its water tank product line with an acquisition.
Tank Holding, North America's largest polyethylene tank and container manufacturer, has acquired Fortuna, Calif.-based Humboldt Rotational Molding in a deal that closed Dec. 31.
In November, Tank Holding Corp. expanded its water tank production capacity with the acquisition of Bushman USA's water tank product line, purchasing the business and its related assets from Channell Commercial Corp.
Lincoln, Neb.-based Tank Holding did not release terms of either deal.
Humboldt's water tank line is sold primarily in the Pacific Northwest, with a plant located in California, about 100 miles south of the Oregon border. In the acquisition, Tank Holding is acquiring the company's assets related to the tank production line, but not the manufacturing location.
Greg Wade, CEO of Tank Holding, said Humboldt's high-quality product line "was complementary to our strategy for growth in the water market."
"Humboldt represents another attractive product line addition to Tank Holding's broad portfolio of water tank and rain harvesting products, which we believe will strengthen our value proposition to customers located in the northwestern region of the country," he said.
In an email interview, Wade added that the acquisition fits with Tank Holding's current growth strategy.
"The Humboldt acquisition was a continuation of our commitment to strengthen our product offering and market position within the attractive and growing water storage, rain-harvesting and water conservation market," he said.
Wade added that the Humboldt product line will be integrated into the recently acquired and complementary Bushman Rain-Harvesting product line.
"Tank Holding acquired the product line and all rotomolding assets," he added.
Moreover, Wade added that the company remains committed to growth, not only through its organic initiatives, but inorganically as well.
"We have an established acquisition plan, robust pipeline of opportunities, and will continue to execute on this strategy," he said.
Wade said the company is optimistic about 2019.
"We produce product for strong and diverse end markets that we sell through an exceptional customer base that has been built and maintained out of mutual respect and loyalty," he said. "We are successfully executing on a growth strategy that includes both acquisitions and organic initiatives. So we are excited about 2019 and our future."
Tank Holding is North America's largest rotational molder according to Plastics News' 2018 ranking of rotational molders, with $250 million in rotomolding sales. It currently operates 22 manufacturing plants and employs about 650 people throughout North America.
The company designs and manufactures rotationally molded polyethylene and plastic and steel containers and proprietary products, and has been owned by Leonard Green & Partners LP and the management team since 2012. The company also includes the brands of Bonar Plastics and Stratis Pallets, in addition to Norwesco and Snyder Industries.
