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Solace Capital Partners acquires CST Industries

Solace Capital Partners (Solace), a private equity firm focused on special situations investments in North America, has acquired tank and dome manufacturer CST Industries (CST).

Headquartered in Kansas City, MO, with a 125-year heritage, CST Industries provides storage systems, complementary or independent cover products, proprietary coating and lining services, field installation, inspection, maintenance and retrofit proficiency, to a wide range of end markets. The company has an installed base of more than 350,000 storage tanks and 18,000 covers across 125 countries. CST has nine sales offices across the United States, Mexico, Brazil, Spain, Argentina, UAE, Vietnam and Australia and operates five manufacturing facilities located in North America and Europe.

Christopher Brothers, Managing Partner at Solace, says: “CST is a market leader with a blue-chip customer base, diversified revenue streams and many exciting growth opportunities. As global demand for storage tanks and covers increases, we believe CST is well positioned to leverage its scale, unique engineering and manufacturing expertise, strong and growing order backlog and significantly strengthened balance sheet to meet the needs of its customers worldwide. We are excited to partner with CEO Tim Carpenter and his team to support CST’s business objectives.”

Tim Carpenter, CEO of CST, adds: “This is an exciting new chapter for our company. Over the past 18 months, we have made significant operational improvements across all facets of the business, enhancing our safety, quality, delivery, manufacturing proficiency, responsiveness and customer satisfaction. We are thrilled to partner with Solace, which recognises the opportunities in our business and will help us reach our full potential.”

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