General Finance Corp. (Nasdaq: GFN) has closed a $95M deal for Lone Star Tank Rental LP and KH Rentals LLC.
Kermit, Texas-based Lone Star and Kenedy, Texas-based KHM Rentals lease portable liquid storage tank containers and provide fluid management services to the oil and gas industry. The two targets are affiliated.
General Finance, headquartered in Pasadena Calif., is the parent company of businesses that provide mobile storage, modular space and liquid containment.
Many companies have made acquisitions in the oil and gas services sectors. Recent deals include Arsenal Capital Partners' purchase of Kel-Tech Inc.in March, and RigNet Inc's (Nasdaq: RNET) purchase of Inmarsat plc's (LSE: ISAT.L) energy broadband business.