The Carlyle Group and Riverstone Holdings Buy Permian Tank & Manufacturing

New York – Global private equity firm The Carlyle Group and energy private equity firm Riverstone Holdings today acquired Permian Tank & Manufacturing, Inc. from the company’s founder and majority shareholder. Permian Tank & Manufacturing, Inc., based in Odessa, Texas, which began operations in 1976, produces steel and fiberglass storage tanks, treaters, separators and vessels for the oil and gas industry. Funds for the transaction come from Carlyle Strategic Partners and Carlyle Riverstone Global Energy and Power Fund III. Financial terms were not released.

Michael Stewart, Managing Director of Carlyle, said, “We look forward to working with the Permian team and to providing the company with the resources necessary to grow the business and to further position it as a top supplier of storage tanks and related products.”

Pierre Lapeyre, Co-founder of Riverstone, said, “Throughout its 30-year history, Permian has established itself as a leading quality provider of steel and fiberglass tanks for the oil and gas industry. Permian is well positioned for continued growth, and Riverstone is pleased to work with the team at Permian and Carlyle to build on the company’s history of quality and success.”

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