Midwest Tank Company in Big Lake, Minnesota, prides itself on being able to design and fabricate tanks that meet all the special needs of their customers.
“LeRoy and I are brothers-in-law, and we were looking to become business partners,” explained Kevin Engelbrecht, vice president and co-owner. “We both wanted to move on from our previous jobs and go into business for ourselves. Buying an existing business, we knew, could be a challenge, but after meeting the folks who owned the company, we felt like Midwest Tank would be a good fit for us and our families.”
Although LeRoy and Kevin were eager to move forward, they knew they needed advice and expertise to arrange the financing needed to make an acquisition of that size.
“After meeting with several lenders, we chose Minnesota Lakes Bank,” said LeRoy Larson, president and co-owner. “They offered us everything we were looking for. When we left meetings with Josh Gehlen, Vice President of Business Banking, we not only walked out with good answers to our questions, we also knew what our next steps would be. We bought the business in May 2020, and we credit Josh’s advice and approach with helping us move forward quickly in the acquisition process.”
Midwest Tank Company has been in operation since 1972. The company fabricates custom tanks of carbon steel or stainless steel ranging in diameters from 14 inches to 14 feet and in lengths up to 80 feet. These pressure-vessel tanks are primarily used in the water filtration and infrastructure industries, but specialized tanks are used as inflammable waste traps, water filtration vessels, large air receivers, cooling tower sump tanks, hydropneumatics tanks, sump basins, sulfuric acid tanks and process tanks.
“We don’t have a warehouse of tanks,” explained Kevin. “Nearly everything that goes out the door is built to suit a customer’s needs.”
The company’s welding and fabricating building is roughly half the size of a football field. A second large building is dedicated to sandblasting and painting. The tanks are inspected throughout the fabrication process to meet exacting American Society of Mechanical Engineers (ASME) standards.
“Our fabrication techniques have been developed through years of tank specialization,” explained LeRoy, “but the key is employing people who are experienced in all phases of the operation. We have a great group of employees who truly understand the business.”
“It’s been a pleasure dealing with Josh,” added Kevin. “Overall, we are very pleased with our choice to go with a local bank like Minnesota Lakes Bank. They have been a good partner for us and our business.”