Kinderhook closes acquisition of Tank and Pump

Kinderhook Industries LLC has closed the previously announced transaction to acquire 100 percent of the equity interests of Gulf Tanks Holdings Inc. from WillScot Mobile Mini Holdings Corp. The acquisition had an enterprise value of about $323 million.   

“The successful completion of this transaction is a major milestone for Tank and Pump,” says Eric John, CEO of Tank and Pump. “The Kinderhook team believes in our core vision and will allow us to strengthen our legacy of best-in-class service. Our customers will be the primary beneficiaries: Every service offered now will be continued or expanded. We’ll bolster our service offerings while investing in additional fleet, and we’ll immediately expand our national reach.” 

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.  

This acquisition represents Kinderhook’s 79th environmental/business services transaction, and 17th public company carve out since its inception in 2003.  

“We are excited to partner with Eric and the Tank and Pump team and continue Kinderhook’s continued success in the environmental services space,” says Rob Michalik, managing director of Kinderhook Industries. “We look forward to growing the business and building a national environmental solutions platform focused on the containment of liquid and solid industrial waste.”  

Oppenheimer & Co. served as the exclusive financial adviser 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 adviser 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.