Tank Holding Co., North America's largest rotational molder, has made its 20th deal in the last three years, this time acquiring rotational molder Solar Plastics LLC of Delano, Minn.
Solar had been owned by Atek Cos. Inc, of Eden Prairie, Minn. In a news release, Tank officials in Lincoln, Neb., said the deal includes Solar's plants in Delano and in Davenport, Iowa, but not a newly opened plant in Monterrey, Mexico.
Solar makes high-volume rotationally molded products for a variety of original equipment manufacturers across multiple industries including agriculture, construction and recreational, officials said. The firm "has built a reputation of high quality, turnkey solutions and services," they added.
Tank CEO Greg Wade said that Solar "is a premier rotational molding company with great people and a great reputation in the industry." Solar's two plants "provide additional capabilities, capacity, and logistical options for our customers," he added.
Tank officials added that the Solar acquisition provides their firm with "additional synergy opportunities" with several of their recent acquisitions, which were a combination of contract manufacturing and proprietary products in rotational, blow, injection, and compression molding.
"We continue looking to expand our manufacturing platform through acquisitions of great companies, superior products, long-term customer relationships, and industry leading talent in the markets we serve," Wade said. "We continue actively pursuing opportunities not only in rotational molding, but also beyond."
Officials added that in addition to being an industry leader in the design and manufacturing of polyethylene tanks and containers, Tank also has major market positions in intermediate bulk containers, insulated material handling bins, laundry and linen carts, refuse containers, specialty pallets and contract manufacturing.
Brands in Tank's portfolio include Norwesco, Snyder Industries, Bonar Plastics, Bushman, Chem-tainer, Meese, Stratis Pallets, and Dura-Cast. Tank is owned by private equity firm Olympus Partners and its management team. Prior to the Solar deal, Tank operated 43 manufacturing plants and employed more than 1,800 throughout North America.
The Solar deal is Tank's third of 2022. Earlier in the year, the firm purchased Dutchland Plastics LLC, a maker of kayaks, coolers, playground equipment and furniture, and injection molder/blow molder Semco Plastic Co., which makes custom products for the recreational, commercial, outdoor and engine markets.
Tank is, by far, the largest rotomolder in North America with estimated annual sales of $420 million in 2020, according to Plastics News data.