American private equity firm Kinderhook Industries, LLC has recently announced the signing of a definitive agreement to acquire 100% of Gulf Tanks Holdings (Tank and Pump) shares from WillScot Mobile Mini Holdings Corp, a modular space and portable storage solutions provider.
According to sources, the $323 million transaction is projected to close in the third quarter of 2022, subject to standard closing conditions and regulatory approval.
This acquisition marks Kinderhook's 17th public company carve-out and 79th business/environmental services transaction since its inception.
Reportedly, Tank and Pump’s existing leadership team will stay with the new platform. Tank & Pump Division, Sr. Vice President, Eric John, will be serving as the Chief Executive Officer of the newly developed Tank and Pump platform post-closing.
While commenting on the move, Rob Michalik, Managing Director of Kinderhook Industries, mentioned that the firm is delighted to collaborate with Eric and the Tank and Pump team, helping the company to grow and offer best-class services to customers.
The firm is planning to invest funds actively in organic growth to serve the customers' needs better and is also looking forward to growing through acquisition, he added.
Michalik also expressed his delight at working with Tim Boswell and Brad Soultz to execute this transaction and added that the firm is looking forward to working again with them in the future.
For the unversed, Tank and Pump is one of the leading providers of logistics-based environmental solutions. Its top-notch services and compliance prioritization via its proprietary technology platform, EnviroTrack, make it an ideal choice for waste generators.
Kinderhook had Oppenheimer & Co. as its solitary financial advisor and Kirkland & Ellis LLP as its legal counsel. For the transaction, Allen & Overy LLP acted as legal counsel, and BofA Securities acted as the sole financial advisor to WillScot Mobile Mini Holdings.
Additionally, the funding for the transaction was provided by a debt syndicate supervised by Twin Brook Capital Partners.
