Brenner Tank Purchased by Peterson Industries of Sturgeon Bay

Sept. 5, 2001

Brenner Tank Inc., a leading manufacturer of transportation tank trailers, with headquarters in Fond du Lac, Wis. announced that their business has been purchased by Peterson Industries, LLC of Sturgeon Bay, Wis., effective September 1, 2001. Brenner will conduct business under the new names, Brenner Tank, LLC and Brenner Tank Services, LLC.

David Brenner, chairman of Brenner Tank, said, "We are extremely pleased that our company, which has been family-owned for more than 100 years, has been acquired by another family-owned company with a heritage and values very much like our own. They also have the commitment and financial resources necessary to meet the growth objectives in the decades ahead."

Brenner added, "As my brothers and I anticipated our retirement, we wanted to be certain the company was in good hands, with people who care, as we do, about running a strong, well-managed business for our customers and employees." Brothers Ted Brenner, Jr. and John Brenner also serve on the board of directors of Brenner and have been active in the company since the late 50's.

"As part of our transition strategy, we have taken steps to assure that there is a highly capable management team in place, people with a depth of experience in our industry," David Brenner said. He noted that Bruce Wadman was recently promoted to President and CEO from his previous position as Executive Vice President and General Manager at Brenner. Wadman has served in key management positions with the business for more than 10 years and will continue as president under the new ownership.

"What impressed us most about Brenner were their outstanding customer base, unwavering commitment to their marketplace and the quality products produced by their highly skilled workforce," Robert Agnew, Peterson Industries president said. "These are values that have always also been part of the PBI culture." He said that Peterson began searching for an appropriate acquisition during June of 2000 and decided to pursue Brenner after evaluating more than a dozen opportunities.

"You can't help but take notice when, currently, during one of the worst slumps in the transportation equipment industry, Brenner has actually increased its customer base," he added. "They are market leaders, offering the very best tank trailer design and fabrication. It is from this strength that we intend to grow Brenner."

Agnew noted that "a few difficult times may still lie ahead for the transportation industry as a whole, but with the combination of Brenner's excellent customer base, superior people and products, and the new resources that are now available, Brenner Tank will be an even more formidable force in the decades ahead."

Brenner president, Bruce Wadman added, "We will maintain our leadership in the industry and aggressively grow our market position. This is already well underway, as evidenced by the impressive results of our market penetration this past year. During this period, we have also expanded our presence in the northwestern United States and western Canada through a new distribution agreement with a leading west coast manufacturer/distributor of on-highway transportation products."

Source: Brenner Tank, Inc.

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