Headwaters MB advised Tech Oil Products, Inc. (“Tech Oil”), a leading provider of waste, recycling, and cargo handling equipment to the offshore, maritime, and commercial industries in the Gulf of Mexico and globally, on its sale to Hoover Container Solutions, a portfolio company of First Reserve Corporation. The acquisition provides a critical addition to Hoover's portfolio of intermediate bulk containers, tote tanks, ISO tank containers and offshore containers.
Tech Oil’s lines of Enviro-Pak waste and recycling equipment and SafeSub® sub baskets are the preferred brands for oil and gas majors, mid-majors, and independents in the U.S. offshore markets. Additionally, Tech Oil’s products are a leading solution that support global marine and shipping operators in complying with evolving MARPOL standards for handling waste at sea.
Founder and CEO John Zimmer said, “This was a tremendous result for Tech Oil Products. Hoover Container Solutions is the ideal partner for us, culturally and operationally. This deal will allow us to leverage their global reach, and expand our presence to offshore and marine equipment markets globally.” He added, “We could not be happier with the result that Headwaters MB achieved for us.”
Headwaters' Managing Director Ted Kinsman said, “We’re extremely pleased to have facilitated this important transition for Tech Oil Products, rewarding 35 years of innovation and product quality, building an industry leading manufacturer of waste handling and cargo equipment for the offshore and marine industry.” Headwaters' Managing Director Sam Hill added, "We feel that both the Tech Oil and Hoover shareholders will realize significant value as a result of this merger."
About Tech Oil Products
Since 1980 Tech Oil Products has manufactured offshore waste compactors, recycling balers, & DNV compliant offshore cargo baskets for the oilfield and marine industries. Our offshore waste compactors, commercial balers, drum crushers, MARPOL food grinders (macerators), filter crushers are known worldwide for their reliable & safe operation. Since 1980 Tech Oil has been a leader in quality equipment and rental tools with customers worldwide. For more information, visit http://www.enviro-pak.net/.
About Hoover Container Solutions
Hoover Container Solutions is a leading global provider of chemical tanks, cargo carrying units and related products and services. The company’s products are manufactured to meet the highest quality standards (DNV, BV, UN, EN, IMO, API and others) in the industry and can be fully customized according to client specifications. Hoover is headquartered in Houston, Texas and has distribution and service centers in Scott, New Iberia, and Port Fourchon Louisiana; Stavanger, Norway; Melbourne and Perth, Australia; Abu Dhabi, UAE; Kuala Lumpur, Malaysia; and Macae, Brazil. For more information, visit www.hooversolutions.com.
About First Reserve Corporation
First Reserve is the largest global private equity investment firm exclusively focused on energy. With over 30 years of industry insight, investment expertise and operational excellence, the Firm has cultivated an enduring network of global relationships and raised approximately USD $31 billion of aggregate capital since inception. Putting these to work, First Reserve has completed more than 550 transactions (including platform investments and add-on acquisitions) on six continents. Its portfolio companies span the energy spectrum from upstream oil and gas to midstream and downstream, including resources, equipment and services and infrastructure. For more information, visit www.firstreserve.com.