Stake in Snyder Industries bought by Coonnecticut fund
Snyder Industries has a new owner, and it’s familiar with Lincoln.
Olympus Partners, a Stamford-Conn.-based private equity fund, announced Thursday that it has purchased the Cortec Group’s interest in Snyder, which makes plastic and steel storage tanks for a variety of industries.
Financial terms of the deal were not disclosed.
Olympus Partners owned Nebraska Book Co. for a few years in the 1990s, before selling the company for a nearly fivefold profit.
Olympus tried to buy Snyder previously, said Managing Partner Rob Morris, but lost out to another suitor.
“We like Lincoln,” Morris said.
New York-based Cortec Group, along with four local executives, bought Snyder in late 2005 from Linsalata Capital Partners of Cleveland.
Morris said those executives will retain their stakes in the company and remain in their positions of leadership.
Mike Spurrier, one of those executives, said he was pleased with the transaction.
“We feel really good about it,” said Spurrier, who is Snyder’s vice president of marketing and sales.
Olympus will be the fourth private equity firm to have an ownership stake in Snyder Industries since founder Larry Snyder first sold the company in 1991.
Spurrier said he’s been around for three of those, and they’ve all been good experiences.
“Snyder would not be the company it is today without the past partnerships,” he said. “As a point of reference, today, Snyder Industries is about nine times larger in terms of revenue than it was when Larry sold the business in 1991.”
Spurrier said he feels confident that Olympus will grow the business even more.
“Olympus is bigger and better, in terms of resources, for what we can do to grow the company going forward,” he said.
In a press release, Snyder said it plans to “agressively pursue” new opportunities both in line with its existing business segments but also in new areas.
“Olympus Partners is uniquely positioned to provide the financial resources necessary to help our management team achieve the company’s long-term vision,” said Tom O’Connell, Snyder’s president.
Olympus manages more than $3 billion on behalf of corporate pension funds, endowment funds and state-sponsored retirement programs. And its acquisition of Snyder is the first investment out of its new $1.5 billion fifth fund.
Morris said Olympus has already made a move toward growing Snyder, having secured a letter of intent to acquire a small firm it hopes to merge with the company.
Snyder has six manufacturing plants in the U.S., including two in Lincoln. It employs about 375 people, including 200 in Lincoln.
Reach Matt Olberding at 473-2647 or at molberding@journalstar.com.
Olympus Partners, a Stamford-Conn.-based private equity fund, announced Thursday that it has purchased the Cortec Group’s interest in Snyder, which makes plastic and steel storage tanks for a variety of industries.
Financial terms of the deal were not disclosed.
Olympus Partners owned Nebraska Book Co. for a few years in the 1990s, before selling the company for a nearly fivefold profit.
Olympus tried to buy Snyder previously, said Managing Partner Rob Morris, but lost out to another suitor.
“We like Lincoln,” Morris said.
New York-based Cortec Group, along with four local executives, bought Snyder in late 2005 from Linsalata Capital Partners of Cleveland.
Morris said those executives will retain their stakes in the company and remain in their positions of leadership.
Mike Spurrier, one of those executives, said he was pleased with the transaction.
“We feel really good about it,” said Spurrier, who is Snyder’s vice president of marketing and sales.
Olympus will be the fourth private equity firm to have an ownership stake in Snyder Industries since founder Larry Snyder first sold the company in 1991.
Spurrier said he’s been around for three of those, and they’ve all been good experiences.
“Snyder would not be the company it is today without the past partnerships,” he said. “As a point of reference, today, Snyder Industries is about nine times larger in terms of revenue than it was when Larry sold the business in 1991.”
Spurrier said he feels confident that Olympus will grow the business even more.
“Olympus is bigger and better, in terms of resources, for what we can do to grow the company going forward,” he said.
In a press release, Snyder said it plans to “agressively pursue” new opportunities both in line with its existing business segments but also in new areas.
“Olympus Partners is uniquely positioned to provide the financial resources necessary to help our management team achieve the company’s long-term vision,” said Tom O’Connell, Snyder’s president.
Olympus manages more than $3 billion on behalf of corporate pension funds, endowment funds and state-sponsored retirement programs. And its acquisition of Snyder is the first investment out of its new $1.5 billion fifth fund.
Morris said Olympus has already made a move toward growing Snyder, having secured a letter of intent to acquire a small firm it hopes to merge with the company.
Snyder has six manufacturing plants in the U.S., including two in Lincoln. It employs about 375 people, including 200 in Lincoln.
Reach Matt Olberding at 473-2647 or at molberding@journalstar.com.
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