Mexico City — Mexican rotational molder Grupo Rotoplas S.A.B. de C.V. will acquire a minority stake in Texas water management software company Banyan Water Inc. for an undisclosed sum.
Rotoplas will develop software for its products and services jointly with the Austin-based company, it said in a Nov. 19 news release. It will also have exclusive commercialization rights in Latin America for said software and a seat on Banyan's board of directors.
With a score of manufacturing plants across the Americas, Rotoplas sold all its manufacturing assets in the U.S. to Tank Holding Corp., of Nebraska and Minnesota, in July 2019 to concentrate, it said, on its e-commerce platform north of the border. The three facilities sold are in California, Georgia and Texas.
Rotoplas has 27 product lines and specializes in storing, piping, improving, treating and recycling water. In business for 40-plus years, it has been listed on the Mexican Stock Exchange since 2014.
Banyan was established in 2011 to "deliver water savings to commercial real estate customers" in the United States.
"We currently have over 733 million gallons of water under management and are growing nationally," it says on its website.