Tank Holding Corp., the largest North American rotational molder, is rolling on with another acquisition — but this time buying a steel fabricator.
Tank Holding, the parent company of intermediate bulk container maker Snyder Industries, has purchased the intermediate bulk container manufacturing assets from Houston-based Hoover Ferguson Group Inc.
The deal represents Tank Holding's eighth acquisition in about 16 months, but this is the first one during that time to add a manufacturing process other than rotomolding.
"The Hoover Ferguson plant is a steel manufacturing facility, located in Houston, which reflects part of Tank Holding's strategic desire to expand the company's manufacturing process capabilities to better serve both new and existing customers," Tank Holding said in a March 9 news release.
IBCs are portable tanks used to transport chemicals and food products.
Hoover Industries now will become a customer of Snyder Industries. Hoover is a global provider of material handling containers for the energy, petrochemical and general industrial markets.
Hoover Ferguson CEO Kevin Friar said the sale of the IBC assets will enable Hoover to increase its strategic focus on the rental and integrated services of IBCs.
Terms were not disclosed.
The steel IBC pickup follows Tank Holding's announcement in late February that it had made two acquisitions in Canada. Tank Holding bought a plant with two rotomolding machines in Saskatoon from Acrylon Plastics Inc. in January. More recently, the company picked up a chemical mixing system called The Handler from Polywest Ltd. of Winnipeg.
Tank Holding, based in Lincoln, Neb., is owned by private equity firm Olympus Partners.