HOUSTON – Hoover Container Solutions (Hoover), a provider of chemical tanks, cargo carrying units, and related products and services, has entered into an agreement to partner with First Reserve, a private equity firm focused on energy.
One of the global industry leaders in oilfield fluids container solutions, Hoover operates worldwide through 15 facilities in North and South America, Europe, Australia, the Middle East, and Southeast Asia. The company has a rental fleet of approximately 40,000 stainless steel intermediate bulk containers (IBCs), 8,000 cargo carrying units and more than 15,000 slings, GPS asset tracking units, and other peripheral equipment.
Hoover provides solutions through a vertically integrated model that includes design, manufacturing, maintenance, certification and cleaning services through the entire lifecycle of its products. The company’s products are critical to the energy and industrial value chain, with a business model that is, in First Reserve’s view, generally resilient to market cyclicality.
First Reserve believes Hoover’s products are exposed to several favorable macro trends, including the continued demand for oilfield production chemicals, further development of offshore and deepwater oil and gas opportunities, as well as the continued investment in North American petrochemical facilities.
Donald Young, CEO of Hoover, commented, “After a thoughtful process, we chose First Reserve as our partner to help support Hoover in its next stage of growth. We expect First Reserve will bolster Hoover’s already strong financial position and allow us to accelerate our growth plan as well as continue to introduce innovative products and services to the market.”