TerraVest Industries acquires Highland Tank

January 9, 2024 By    

TerraVest Industries agreed to acquire all of the assets of the subsidiaries of Highland Tank Holdings for $78 million. Based in Stoystown, Pennsylvania, Highland Tank is a manufacturer of fuel and chemical storage tanks, LPG vessels and other custom-built steel storage products in North America.

As part of the transaction, John Jacob, owner of Highland Tank, will retain the role of president and continue to manage operations. Of the purchase price, he also will retain $5 million in TerraVest shares.

“Joining with TerraVest offers a tremendous opportunity to the people of both companies to accelerate our combined growth given our strengths and complementary products,” Jacob says. “I look forward to leading Highland Tank as it takes the next steps in its 75-plus-year history.”

Dustin Haw, CEO of TerraVest, welcomed Highland Tank employees and management, and says he looks forward to their continuing commitment to the company’s entrepreneurial spirit and dedication to customers.

“Highland Tank is a strong business, a leader in its industry and a self-sufficient operation,” he says. “We’re delighted to welcome its employees to the TerraVest family. Highland Tank fits within our portfolio of businesses perfectly, and we look forward to leveraging our product suite and scale to enhance Highland Tank’s growth.”

TerraVest is a diversified industrial company that sells goods and services to a variety of end markets. It manufactures home-heating products, propane, anhydrous ammonia and natural gas liquids transport vehicles and storage vessels, energy processing equipment and fiberglass storage tanks.

In a separate transaction, TerraVest, through its partially-owned subsidiary Green Energy Services, acquired all of the issued and outstanding shares of LV Energy Services for $25 million. LV Energy Services, with locations in Grande Prairie and Rimbey, Alberta, Canada, provides water management and other related services in the western Canadian energy industry.

About the Author:

Brian Richesson is the editor in chief of LP Gas Magazine. Contact him at brichesson@northcoastmedia.net or 216-706-3748.

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