Acquisition-hungry Tank Holding Corp. just bought another rotational molder, Meese Inc.
Tank Holding announced the deal April 1, for undisclosed terms. Meese, formerly known as MODRoto and Meese Orbitron Dunne, makes bulk laundry and linen carts, material handling bins and containers, recycling bins, recreational carts and other products.
"Meese represents an important part of Tank Holding's overall growth strategy, which is to establish leading positions in markets that are adjacent to our legacy core businesses, where we can leverage our industry knowledge and expertise to create greater value for our customers," CEO Greg Wade said.
Meese becomes Tank Holding's 10th acquisition in about 16 months as America's largest rotomolder continues to get even bigger. In addition to its plastics purchases, in March Tank diversified into steel fabrication of intermediate bulk containers, buying that business from Hoover-Ferguson Group Inc.
Tank Holding, owned by private equity firm Olympus Partners, bought Meese from its longtime parent company, Tingue Brown & Co. The deal includes two rotomolding plants, in Madison, Ind., and Ashtabula, Ohio. In addition to the factories in Madison and Ashtabula, the business includes a contract manufacturing arrangement in California with an outside company, said Tank Holding spokesman Collin Stange.
Tingue Brown had closed three Meese factories, in Jacksonville, Fla.; Saddle Brook, N.J.; and La Mirada, Fla., Stange confirmed. He said Meese consolidated production from five plants to two.
David Tingue, CEO of Tingue Brown, said: "Tank Holding is the ideal partner to help Meese achieve the team's long-term growth objectives, and will enable the Tingue Brown organization to refocus our business on other strategic interests."
Tank Holding employs about 850 people and runs 34 factories in North America, not including the Meese acquisition.
Grace Matthews Inc. of Milwaukee advised Tingue Brown on the deal.