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TANK HOLDING ANNOUNCES NEW CEO

Tank Holding Corp. named Greg Wade CEO of the company, which includes major polyethylene tank manufacturers Norwesco and Snyder Industries. The move is effective May 1.

Before Wade’s appointment, the company was led by co-CEOs Tom O’Connell and Tom Smith, who also served as CEOs of Snyder and Norwesco, respectively. Wade has been operating as president of Tank Holding since 2017, when the company began implementing a succession plan for O’Connell and Smith, who will be stepping down as co-CEOs and assuming seats on the board of directors and as advisers to Wade.

Wade has spent his career in the rotational molding industry. Norwesco hired him in 2005 when it acquired a portion of his family’s business, Rochester Rotational Molding.

The acquisition consisted of the company’s rotationally molded septic tank product line and one of its manufacturing facilities. Before his role as president of Tank Holding, Wade held positions at Norwesco including vice president of sales and marketing.

“Greg has proven to be a very talented, savvy business manager with a unique blend of experience in both operations and sales,” O’Connell said, “and we are confident in his abilities to lead Tank Holding to greater heights in the next chapter of our growth story.”

Tank Holding is North America’s largest rotational molder, according to Plastics News, and is an industry leader in major product segments including polyethylene tanks, IBCs, material handling bins, insulated containers and specialty pallets while serving industries such as agriculture, oil and gas, industrial chemical, water and wastewater and food processing.

The company has been owned by Leonard Green & Partners L.P. and the management team since 2012 and operates 22 manufacturing plants, including one steel IBC fabrication plant that employs some 650 people throughout North America.

LGP is a private equity investment firm founded in 1989. Based in Los Angeles, the firm partners with experienced management teams and often with founders to invest in market-leading companies. Since inception, LGP has invested in more than 90 companies in the form of traditional buyouts, going-private transactions, recapitalizations, growth equity and selective public equity and debt positions.