Leonard Green Plans $1 Billion Tank Holding Sale

(Bloomberg) -- Buyout firm Leonard Green & Partners is considering a sale of Tank Holding Corp. that could value the container-making conglomerate at about $1 billion, people with knowledge of the matter said.

The Los Angeles-based private equity firm is working with an adviser on an auction for Tank, said the people, who asked not to be identified because they weren’t authorized to speak publicly. The company, which Leonard Green bought in 2012 for about $830 million, is attracting interest from other private equity firms, the people said.

A final decision on pursuing a sale hasn’t been made and Leonard Green could elect to keep the business.

Representatives for Leonard Green and Tank didn’t respond to requests for comment.

Tank makes rain barrels, water tanks, wine barrels, septic tanks and dozens of other types of plastic and metal containers under the brands Snyder, Norwesco, Bonar Stratis and Bushman, according to its website.

It traces its roots to a company founded in 1939 called Northwest Plastics. Previous owner Olympus Partners created Tank in 2008 through the combination of Snyder Industries and Norwesco.

Under Leonard Green’s ownership, the company, led by Chief Executive Officer Greg Wade, has continued to expand. It bought Bushman USA’s water tank product line from Channell Commercial Corp. in November.

©2019 Bloomberg L.P.