Kinderhook acquires Tank and Pump

The company has acquired the equity interests of Gulf Tanks Holdings from WillScot Mobile Mini Holdings Corp.

Kinderhook Industries LLC, based in New York City, has announced a definitive agreement through which it will acquire all the equity interests of Gulf Tanks Holdings Inc. (Tank and Pump) from Phoenix-based WillScot Mobile Mini Holdings Corp. for approximately $323 million. The transaction is subject to customary closing conditions and regulatory approval and is expected to close in the third quarter of this year. The purchase is Kinderhook’s 79^th environmental/business services transaction and 17^th public company carve out since its inception in 2003.

Tank and Pump, Baytown, Texas, provides logistics-based environmental solutions focused across a diverse set of end markets through a network of 24 branches and a fleet of more than 16,000 specialized rental assets used to store, separate and transport liquid and solid industrial waste. The company prioritizes compliance through its proprietary technology platform, EnviroTrack, Kinderhook says.

Tank and Pump’s leadership team will remain 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 postclosing.

“The Tank and Pump team is excited to launch an aggressive growth strategy for our business with Kinderhook’s support,” says John. “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,” says 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.”

Related: Kinderhook acquires Chemtron Corp.

He adds, “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. Bank of America 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.

Kinderhook Industries is a private investment firm that manages more than $5.2 billion of committed capital, having made more than 325 investments and follow-on acquisitions since its inception. The company focuses on middle-market businesses with defensible niche market positioning in the health care services, environmental/business services and automotive/light manufacturing sectors.