November 6, 2023 [BPN]- TerraVest Industries Inc., (TSX: TVK) (TerraVest) is pleased to announce it has entered into an agreement to acquire all the assets of the subsidiaries of Highland Tank Holdings, LLC (Highland Tank).
Based in Stoystown, Pennsylvania, Highland Tank is a leading manufacturer of fuel & chemical storage tanks, LPG vessels and other custom-built steel storage products in North America. The total purchase price of $78 million equates to a purchase price multiple on trailing twelve-month EBITDA of approximately four. As part of the transaction, John Jacob, entrepreneur, and existing owner of Highland Tank will retain the role of president and continue to manage operations. Of the $78 million purchase price, $5 million will be retained by Jacob in the form of TerraVest shares.
“Joining with TerraVest, offers a tremendous opportunity to the people of both companies to accelerate our combined growth, given our strengths and complementary products. I look forward to leading Highland Tank as it takes the next steps in its 75-plus year history,” said Jacob.
Dustin Haw, chief executive officer of TerraVest, welcomes the employees and management of Highland Tank and looks forward to their continuing commitment to the company’s entrepreneurial spirit and dedication to customers. “Highland Tank is a strong business, a leader in its industry and a self-sufficient operation. We’re delighted to welcome its employees to the TerraVest family. Highland Tank fits within our portfolio of businesses perfectly and we look forward to leveraging our product suite and scale to enhance Highland Tank’s growth,” said Haw.
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