3 Rivers Capital Sells All Equity Holdings Of Port Arthur, Texas-Based Storage Tank Industry Leader PAT Tank To Dallas-Fort Worth's Transition Capital Partners
PITTSBURGH, PA & SOUTHLAKE, TX / ACCESSWIRE / November 6, 2024 / Pittsburgh-based private equity firm 3 Rivers Capital (Home - Rivers Capital) has exited portfolio company PAT Tank (PATTANK | Port Arthur Texas - Construction & Repair), selling the storage tanks construction industry leader to Southlake, Texas private equity investment firm Transition Capital Partners (Home - Transition Capital Partners). Announcement of the sale was made by 3 Rivers Capital Partner Dale Buckwalter.
Based in Port Arthur, Texas, PAT Tank, Inc. is an industry leading provider of tank solutions to such prestigious clients as Citgo, Sunoco, Phillips66, Kinder Morgan, Energy Transfer, Lubrizol and Motiva. The full service, vertically integrated steel fabricator and contractor specializes in the construction and repair of above ground storage tanks within the petroleum, agriculture, power generation, and chemical industries.
After acquiring PAT Tank in 2014, 3 Rivers Capital brought in Operating Partner Pat Marso, and forged a close working alliance with company management to enhance operations and grow its customer base.
"We are extremely pleased with the growth and outcome of PAT Tank, and working closely with management, 3 River Capital supported the growth of its management team and field staff while growing into new lines of service to further serve our customers." said Mr. Buckwalter.
"PAT Tank has achieved its extraordinary longevity by engineering, designing, fabricating and assembling the company's projects entirely in-house - the only way we could completely ensure production of a superior product, built to last, built for safety and delivered on time. We believe the company is in a great place and will look forward to continued growth under Transition Capital Partners ownership," said Marso.
Metz Lewis Brodman Must O'keefe served as counsel for 3 Rivers Capital, with Gulfstar Group Investment Bank serving as bankers for the transaction.
About 3 Rivers Capital:
3 Rivers Capital is a private equity firm focused on control acquisitions of small businesses with EBITDA between $4-10M. Since its founding in 2005, 3 Rivers Capital has built expertise in acquiring family and entrepreneur-owned businesses that present a clear and compelling opportunity to create significant value. 3 Rivers Capital adds value through active ownership and supportive partnerships with highly motivated management teams. For more information on 3 Rivers Capital please visit Home - Rivers Capital.
CONTACT:
Steve Syatt
SSA Public Relations
steve@ssapr.com
(818) 222-4000
SOURCE: 3 Rivers Capital
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