Solace Capital Partners, a private equity firm focused on special situations investments has acquired CST Industries.
CST Industries, the world’s largest and leading tank and dome manufacturer, provides storage systems, complementary or independent cover products, proprietary coating and lining services, field installation, inspection, maintenance and retrofit proficiency, to a wide range of end markets.
Christopher Brothers, managing partner at Solace, says: ‘As global demand for storage tanks and covers increases, we believe CST is well positioned to leverage its scale, unique engineering and manufacturing experise, strong and growing order backlog and significantly strengthened balance sheet to meet the needs of its customers worldwide.’
Tim Carpenter, CEO of CST, adds: ‘This is an exciting new chapter for our company. Over the past 18 months, we have made significant operational improvements across all facets of the business, enhancing our safety, quality, delivery, manufacturing proficiency, responsiveness and customer satisfaction.’