Ironclad acquires waste containment solutions provider Adler Tank Rentals
Ironclad Environmental Solutions, a Kinderhook Industries portfolio company, has acquired US-based waste containment solutions provider Adler Tank Rentals from McGrath RentCorp for $265 million in cash.
With the acquisition, Ironclad Environmental Solutions anticipates to create a national platform for providing specialty waste management, transport, and containment solutions.
Ironclad Environmental Solutions also hopes to increase its service offerings, assets, and geographic footprint through the acquisition.
Adler Tank Rentals, which is based in Newark, New Jersey, offers liquid and solid containment solutions for storing hazardous and non-hazardous waste.
Founded in 1998, Adler Tank Rentals leases temporary storage tanks and containers for energy, industrial, environmental, and construction applications in the US.
Eric John — Ironclad Environmental Solutions CEO said: “As an organization that focuses on providing turnkey liquid and solid waste containment solutions with a large fleet of high-quality equipment, the acquisition of Adler allows us to expand into new markets and invest more into our fleet.
“Our priority remains delivering efficient, expedient, and compliant waste management solutions for our customers.”
Ironclad Environmental Solutions acquires waste containment solutions provider Adler Tank Rentals. Photo courtesy of Davie Bicker from Pixabay.
The Baytown, Texas-headquartered Ironclad Environmental Solutions provides specialty waste management solutions as well as temporary storage and containment equipment for both hazardous and non-hazardous waste.
The company leases more than 30,000 specialized assets to store, separate, and transport hazardous and non-hazardous waste through more than 50 branches.
Corwynne Carruthers — Kinderhook Industries Managing Director said: “This company’s growth is fueled by excellence, and the addition of Adler only sets it up for additional success.”
Ironclad Environmental Solutions’ proprietary software product Envirotrack delivers transparency and tracking capabilities to customers.
Oppenheimer & Co. served as exclusive financial advisor to Ironclad Environmental Solutions while Kirkland & Ellis acted as legal advisor in connection with the transaction.
Kinderhook Industries, on the other hand, divested its Vesta Modular business to McGrath RentCorp for approximately $400 million in cash.
Founded in 2003, Kinderhook Industries is a private investment firm, which manages more than $5.4 billion of committed capital.