Kinderhook forms new environmental solutions platform through acquisition of Tank and Pump from WillScot Mobile Mini
Kinderhook Industries announced an agreement to acquire 100% of Gulf Tanks Holdings, Inc. from WillScot Mobile Mini Holdings Corp. for $323 million. The deal, pending regulatory approval, is expected to close in Q3 2022 and marks Kinderhook's 79th transaction in the environmental services sector. Tank and Pump, based in Baytown, Texas, specializes in logistics for liquid and solid waste management, operating 24 branches and a fleet of 16,000 rental assets. Eric John will lead the new platform as CEO, focusing on growth through fleet investments and acquisitions.
- Acquisition aligns with Kinderhook's strategy to expand its environmental solutions platform.
- Tank and Pump offers strong operational infrastructure with 24 branches and over 16,000 rental assets.
- Continued leadership under Eric John indicates stability and industry expertise.
- Transaction dependent on regulatory approval, which poses potential delays.
- Integration challenges may arise during the transition of ownership.
NEW YORK, Aug. 22, 2022 /PRNewswire/ -- Kinderhook Industries, LLC ("Kinderhook") announced today the execution of a definitive agreement pursuant to which it will acquire
Headquartered in Baytown, Texas, Tank and Pump is a leading provider of logistics based environmental solutions focused on the containment of liquid and solid industrial waste. The Company provides environmental solutions across a diverse set of end markets through a network of 24 branches and a young fleet of over 16,000 specialized rental assets used to store, separate, and transport liquid and solid industrial waste. Tank and Pump's best in class service and prioritization of compliance through its proprietary technology platform, EnviroTrack, makes them the first choice for waste generators. The current leadership team of Tank and Pump will continue on with the new platform. Eric John, Senior Vice President of the Tank and Pump segment, will serve as the Chief Executive Officer of the newly established Tank and Pump platform post-closing.
"The Tank and Pump team is excited to launch an aggressive growth strategy for our business with Kinderhook's support," said Eric John, Chief Executive Officer of Tank and Pump. "We will remain true to our roots of providing dependable, best-in-class environmental solutions for our customers while also expanding the breadth and depth of those solutions. Our expansion will be fueled by investments in fleet, new locations, and completing add-on acquisitions."
"We are eager to partner with Eric and the Tank and Pump team to grow the Company while continuing to provide best-in-class service to its customers," said Rob Michalik, Managing Director of Kinderhook Industries. "We will actively deploy capital in organic growth to better service the ongoing needs of the Company's customers and also look to grow through acquisition. It was a pleasure to work with Brad Soultz and Tim Boswell to execute this transaction, and we look forward to future opportunities to transact and partner with WillScot."
Oppenheimer & Co. served as the exclusive financial advisor and Kirkland & Ellis LLP served as legal counsel to Kinderhook. Financing for the transaction was provided by a debt syndicate led by Twin Brook Capital Partners. BofA Securities served as the exclusive financial advisor and Allen & Overy LLP acted as legal counsel to WillScot Mobile Mini Holdings in connection with the transaction.
About Kinderhook Industries
Founded in 2003, Kinderhook Industries, LLC is a private investment firm that manages over
For more information, please visit: www.kinderhook.com
About Tank and Pump
Headquartered in Baytown, Texas, Tank and Pump is a leading provider of logistics based environmental solutions focused on the containment of liquid and solid industrial waste. The Company provides environmental solutions across a diverse set of end markets through a network of 24 branches and a young fleet of over 16,000 specialized rental assets used to store, separate, and transport liquid and solid industrial waste.
For more information, please visit: https://www.mobilemini.com/tank-and-pump
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SOURCE Kinderhook Industries
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