Carlyle Serves as Joint Lead Arranger and Bookrunner on $710 million in senior secured facilities to support the buyout of Tank Holdings Corp. by Olympus Partners
New York, NY – Global investment firm The Carlyle Group (NASDAQ: CG) announced today it served as joint lead arranger and bookrunner for $710 million in senior secured credit facilities, inclusive of funding a privately placed $150 million second lien term loan, to support the buyout of Tank Holdings Corp. by Olympus Partners.
Carlyle’s middle market lending platform, Carlyle Direct Lending, co-underwrote the $560 million first lien facilities and anchored the $150 million second lien facility.
With corporate offices in Nebraska and Minnesota, Tank Holding Corp. is a manufacturer of rotationally molded poly and welded steel bulk storage and material handling products in North America. Tank services the market and its customers through its portfolio of brands – Norwesco, Snyder, Bonar, Stratis and Bushman.
Manu Bettegowda, a partner at Olympus, commented, “We were impressed with what the Carlyle team provided on this transaction. They demonstrated their speed, capabilities and delivered on a full solution, which was extremely valuable to our team and our efforts in acquiring the company. We are glad to have Carlyle as a key financing partner in our buyout of Tank.”
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About Tank Holdings Corp.
For over 60 years, Tank has been dedicated to serving a wide range of markets with the most trusted names in bulk storage and material handling. With corporate offices in Nebraska and Minnesota, Tank is a leading manufacturer of rotationally molded poly and welded steel bulk storage and material handling products in North America. Tank services the market and its customers through its portfolio of brands; Norwesco, Snyder, Bonar, Stratis and Bushman.
About Carlyle Direct Lending / The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across four business segments: Corporate Private Equity, Real Assets, Global Credit and Investment Solutions. With $216 billion of assets under management as of December 31, 2018, Carlyle’s purpose is to invest wisely and create value on behalf of our investors, portfolio companies and the communities in which we live and invest. The Carlyle Group employs more than 1,650 people in 31 offices across six continents. www.carlyle.com.
Carlyle Direct Lending is The Carlyle Group’s middle market lending platform and is focused on making investments across the capital structure, primarily in private equity sponsor-backed companies, including senior secured loans, unitranche loans and junior debt. The team is comprised of 30 dedicated investment professionals in New York, Chicago, and Los Angeles.
About Olympus Partners
Founded in 1988, Olympus manages over $8.5 billion on behalf of corporate pension plans, public retirement systems, university endowment funds, and the executives of Olympus' portfolio companies. Since its inception, Olympus has in over 80 companies across is seven funds, including the latest offering (Olympus Growth Fund VII), which has committed capital of $3.0 billion. Olympus has invested across a wide array of industries, with a focus on companies in business services, logistics and transportation, healthcare manufacturing and services, financial services, consumer and restaurant, industrial and packaging.
The Carlyle Group
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