01/11/2018 – Kansas City, MO – CST Industries, Inc., (the “Company”) the world’s largest and leading tank and dome manufacturer, today announced that it has successfully emerged from Chapter 11 and completed its sale to Solace Capital Partners (“Solace”). Now with one of the strongest balance sheets in the industry, the 125‐year‐old Company is poised for growth and expansion under new ownership. As previously disclosed, CST and Solace entered into an asset purchase agreement in September 2017.
“This is an outstanding development for CST. Solace shares our vision for the company and recognizes our continued growth potential,” said CST Chief Executive Officer, Tim Carpenter. “Our valued employees, customers and vendors will greatly benefit from this partnership,” added Carpenter.
CST customers can be assured that they will continue to work with the same team they have in the past. CST and Solace remain committed to delivering a first‐class customer experience with the best solutions, team members and product portfolio in the industry.”
“To ensure continuity for all valued CST constituents, Solace will retain all CST employees, and support CST to work to maintain all customer and vendor relationships. It is our employees and partners that make CST great,” stated Carpenter.
The Company has ample liquidity and a strong balance sheet to strengthen and support operations and growth. In addition, the Company is working cooperatively with its supply chain ensuring the emerged business is strongly positioned for ongoing success.
Solace is a well‐funded, experienced, global private equity buyer and operator of industrial businesses like CST. The sale closure and emergence effective date was December 22, 2017.
About CST Industries
CST is the largest dome and storage tank manufacturer in the world. CST’s existing company portfolio consists of CST Storage, CST Covers and Vulcan Tanks. Five manufacturing facilities and technical design centers and multiple regional sales offices are located throughout North America and the United Kingdom. International offices are located in Argentina, Australia, Brazil, India, Japan, Malaysia, Mexico, Singapore, Spain, United Kingdom, United Arab Emirates and Vietnam. Currently, more than 350,000 storage tanks and 18,000 covers have been installed in 125 countries throughout the world.
For CST Industries