Tank Holding Corp. has introduced Greg Wade as the new Chief Executive Officer of the company, which includes major polyethylene tank manufacturers Norwesco and Snyder Industries, effective May 1st, 2018.
Prior to Mr. Wade’s appointment, the company was led by Co-CEOs, Tom O’Connell and Tom Smith, who also served as the CEOs of Snyder and Norwesco, respectively.
Wade has been operating as the president of Tank Holding since last year, as 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 advisors to Wade.
Wade has spent his entire career in the rotational molding industry and was hired by Norwesco in 2005 when they acquired a portion of his family’s business, Rochester Rotational Molding. The acquisition consisted of their rotationally molded septic tank product line and one of their manufacturing facilities. Prior to his role as president of Tank Holding, Wade held various 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,” said O’Connell, “and we are confident in his abilities to lead Tank Holding to greater heights in the next chapter of our growth story.”
“We look forward to supporting Greg and the team as they continue to execute on numerous growth opportunities and strategic initiatives,” said Tim Flynn, partner at Leonard Green & Partners L.P. (LGP).
Tank Holding is North America’s largest rotational molder, according to Plastics News, and is an industry leader in a variety of major product segments, including polyethylene tanks, IBCs, material handling bins, insulated containers, and specialty pallets, while serving a wide range of industries, like agriculture, oil and gas, industrial chemical, water and waste water, and food processing.
The company has been owned by LGP and the management team since 2012, and currently operates 22 manufacturing plants, including one steel IBC fabrication plant, which employs about 650 people throughout North America.
LGP is a leading 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 over 90 companies in the form of traditional buyouts, going-private transactions, recapitalizations, growth equity, and selective public equity and debt positions.