Private Equity News & Analysis

Code Hennessy acquires Baker Tanks

The Chicago firm completes a majority equity investment in the containment rental equipment company through its Fund IV.

By
PEI Staff
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The Chicago firm completes a majority equity investment in the containment rental equipment company through its Fund IV.

Chicago-based middle market buyout firm Code Hennessy & Simmons has completed a majority equity investment in Baker Tanks.

 

Terms of the deal were not disclosed, according to the statement. Funding for the transaction comes from Code Hennessy’s $1 billion 1999-vintage year Fund IV. The firm and certain members of Baker's current management team acquired Baker from business interests of the Pritzker family.

 

Baker Tanks supplies containment rental equipment and maintains an inventory of more than 15,000 pieces of equipment including steel tanks, polyethylene tanks, and intermodal and roll-off container/boxes.

 

According to the press statement, Code Hennessy plans to work with Baker management to broaden the company’s product offering and enhance existing market positions in tanks, pumps and filtrations equipment.

 

Code Hennessy & Simmons was founded in 1988 and currently manages more than $1.6 billion in capital in four funds. Early this month, the firm, through its portfolio company Kingpin Holdings, completed the going-private purchase of AMF Bowling Worldwide for $670 million.