New York-based private equity firm Lightyear Capital LLC and several partners said on Monday they completed their acquisition of Seal Beach-based Baker Tanks Inc. from Chicago-based Code Hennessy & Simmons.
The sale was for more than $500 million, according to a report by investment banking tracker TheDeal.com.
Lightyear led an investment group that included Canadian pension fund Caisse de d & #233;p & #244;t et placement du Qu & #233;bec, Goldman Sachs Mezzanine Partners III and Baker’s management team.
Private equity firm Code Hennessy bought Baker Tanks for $275 million in early 2004 from Chicago’s Pritzker family. Blackstone Group LP and Goldman Sachs Capital Partners reportedly contributed $77.5 million in the deal.
Baker Tanks rents huge tanks to oil refineries and chemical plants among others.
Late last year Baker Tanks Inc. bought Torrance-based Cameron Environmental Inc., a maker of air and water treatment gear, for undisclosed terms.
The lure was Cameron’s water and air filtration technology, which Baker Tanks pairs with its 21,000-gallon tanks.
Baker has more than 70 U.S. locations, mostly in the West. Baker also has operations in Mexico and Canada.
It’s not unusual for Baker to rent 100 tanks to a customer at a time. Tanks typically go for $35 to $45 a day.
The company delivers and sets up the tanks, which can hold water or hazardous liquids. Baker also rents pumps to get the liquid in and out of the tanks.
