Kinderhook Industries announced today the execution of a definitive agreement pursuant to which it will acquire 100% of the equity interests of Gulf Tanks Holdings, Inc. from WillScot Mobile Mini Holdings Corp. for an enterprise value of approximately $323 million.
The transaction is subject to customary closing conditions and regulatory approval and is expected to close in the third quarter of 2022. This acquisition represents Kinderhook's 79th environmental / business services transaction and 17th public company carve out since inception.
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.
