North America's largest rotational molding company, Tank Holding Corp., is continuing its acquisition streak with the Jan. 4 purchase of California-based Rotational Molding Inc.
It's the 11th acquisition for Tank Holding in the past two years, a period that's seen the company add $100 million in annual sales and more than 10 factories, giving it 33 manufacturing plants overall. Terms were not disclosed.
"RMI represents an important part of Tank Holding's overall growth strategy, which is to strengthen leading positions in markets that are adjacent to our legacy core business, where we can leverage our industry knowledge and expertise to create greater value for our customers," CEO Greg Wade said in a news release.
Tank Holding said RMI designs and manufactures products like bulk laundry and linen carts, material handling bins and refuse and recycling containers.
The Gardena, Calif.-based RMI ranked 38th in the most recent Plastics News listing of North America rotomolders, with $14 million in annual sales and 92 employees.
Tank Holding, based in Lincoln, Neb., topped the Plastics News ranking with $350 million in sales, about twice the size of the next largest firm. It said in the news release that it had 900 employees before the RMI acquisition.
The RMI purchase fits with other Tank Holding acquisitions in similar markets, including Waste & Recycling Plastic Containers, Chem-Tainer and Meese, the company said.
RMI CEO Mario Poma said Tank Holding can help his company expand.
"Tank Holding is the ideal partner to succeed our company's history and accelerate our growth objectives," Poma said. "We are confident they will continue the success for both our customers and employees for the years to come."
Tank Holding includes the brands of Norwesco, Snyder Industries, Bonar Plastics, Bushman, Chem-tainer, Meese and Stratis Pallets.
It was bought in early 2019 by Stamford, Conn.-based private equity firm Olympus Partners, and since then has bought Meese Inc., as well as the intermediate bulk container assets of Hoover Ferguson, the Canadian firm Acrylon Plastics and three U.S. plants from Mexico's Grupo Rotoplas, among other acquisitions.