Challenger Capital Group Advises Lide Industries
Challenger Capital Group, Ltd. (Dallas, TX) announces that its client, Lide Industries, has been acquired by Permian Tank & Manufacturing Inc. Permian?s primary shareholders include global private equity firm The Carlyle Group and energy private equity firm Riverstone Holdings.
Lide Industries, headquartered in Mexia, Texas, began operations in 1976, and produces steel and fiberglass storage tanks for use in the oil and gas, petrochemical, alternative fuels, chemical, pulp and paper, food and beverage, water and industrial sectors.
?This transaction represents a significant partnership for Lide Industries, and Challenger is proud to have served as the company?s financial advisor,? said Mike Burr, executive director and vice chairman of Challenger Capital Group. ?We believe in the strength of Lide Industries? management and the quality of its products and customer service, and look forward to the company?s future growth and development.?
The Lide Industries management team will retain a significant equity stake in the combined company moving forward, and it is expected that both Lide Industries and Permian Tank & Manufacturing will operate under their current names. Financial terms of the transaction were not disclosed.
?Challenger was critical to the successful completion of this transaction,? said Bobby Lide, vice president and co-owner of Lide Industries. ?With such an important transaction, we relied heavily on Challenger?s experience and professional advice to guide us through the process, and we are pleased with the end result and ongoing opportunities for our company.?
Lide Industries? investment banking team at Challenger is led by Mike Burr and Director Jeff Milkie.
Thompson & Knight LLP, led by William Schuerger, and Jacobson Beard & Edmondson PC, led by Terry Jacobson, provided legal advice to Lide Industries.
