Tank Holding Corp., the largest rotational molder in North America, has acquired two rotomolders in Austin, Texas — sister companies that mold water storage tanks and dumpsters.
Tank Holding officials announced June 20 that the company bought Poly-Mart, a molder of water and industrial storage tanks, and WRP Containers, which makes large refuse containers. Both companies are at the same location in Austin.
Terms were not disclosed.
Tank Holdings purchased the companies from owner and CEO Sean Barber, who will continue to manage the Austin operation and work with Tank Holding to pursue growth opportunities.
"We believe Tank Holding is the perfect partner in further developing the business we created," he said.
Tank Holding, based in Lincoln, Neb., runs 22 plants — not including the recent purchase in Austin — generating $250 million in rotomolding sales a year. That makes the company by far the largest rotomolder in the Plastics News ranking. Tank Holding employs about 650.
"Poly-Mart and WRP Containers represent an attractive product line addition to Tank Holding's broad portfolio of products, which is consistent with our growth objectives within the water, rainwater harvesting and general material handling segments," Tank Holding CEO Greg Wage said.
Poly-Mart makes water and rainwater harvesting tanks in sizes ranging from 50-10,000 gallons. WRP's product line consists of front, rear and side loading trash dumpsters in sizes ranging from 2-8 cubic yards.
Tank Holding already markets an existing refuse container line to compliment the WRP dumpsters, the result of the 2012 acquisition of Rotonics Manufacturing Inc.
Tank Holding, formed in 2008 by merging two major tank rotomolders, Norwesco Inc. and Snyder Industries Inc., has made a series of acquisitions over the years. Tank Holding's product lines now include those two tank majors and Bonar Plastics, Bushman and Stratis Pallets. The deal to buy Poly-Mart and WRP Containers is Tank Holding's third acquisition in the last eight months.
Olympus Partners, a Stamford, Conn., private equity firm, owns Tank Holding. Olympus sold the business to another private equity company in 2012 then bought it back earlier this year.
Besides being a giant rotational molder of polyethylene tanks and containers, Tank Holding also maintains major market positions with other proprietary products, including steel intermediate bulk containers, insulated material handling bins, medical waste containers and specialty pallets.