ODESSA, Texas--(BUSINESS WIRE)--Permian Tank & Manufacturing (“Permian Tank” or the “Company”), today announced it has been acquired by New Permian Holdco, LLC, resulting in a successful exit of Chapter 11 bankruptcy proceedings for the Company’s operations. The sale was supported by Permian Tank’s current lender, who provided incremental financing to strengthen the Company during the transition and has committed to provide additional growth capital.
The buyer, New Permian Holdco, LLC (“New Permian”) will continue to provide its industry leading tanks and vessels throughout the Permian, Eagle Ford, Bakken and other major U.S. plays. Additionally, New Permian has made a strategic investment in the Company’s modular unit and skidded systems production capabilities. The Company believes its ability to offer a one-stop, turn-key solution provides an immediate growth catalyst as the oil field services sector continues a broad push toward margin improvement coming out of 2020.
Michael Haynes, Company President, said, “Permian Tank continues to focus on engineering and manufacturing best-in-class products for its customers. Our newly engineered, high-specification integrated solution offerings provide our customers with a simplified supply chain through a single point of contact that delivers a lower cost and higher efficiency end-product. We remain committed to our employees and customers and have emerged from this process stronger than ever as we continue to position Permian Tank for long-term success.”
About Permian Tank
Permian Tank is the largest United States’ manufacturer of above-ground storage tanks and processing equipment for the oil and natural gas exploration and production industry. Permian Tank has more than 40 years of operating experience, with manufacturing plants located throughout Texas and South Dakota, serving shale plays throughout the United States.
Permian manufactures a variety of wellsite related processing equipment, including storage tanks, production vessels, and skid mounted modular system packages.