MAG Capital Partners, LLC has acquired Hughes Tank Company (Hughes Tank), a fuel storage tank manufacturing firm headquartered at 2900-3000 FM 157 in Venus, Texas, approximately 30 miles southwest of Dallas and 35 miles southeast of Fort Worth. The transaction includes its 92,110-square-foot industrial facility situated on approximately 39 acres.
Founded by the Hughes family in 1989, the company manufactures highest-standard fuel storage tanks using cutting-edge robotic technology for a wide range of industries, including petroleum, agriculture and manufacturing, and fuel storage solutions for back-up power generators. Hughes Tank produces many single-wall and double-wall tank options such as rain shield, Fireguard® and Flameshield® tanks, as well as accessories and storage tank solutions for unique customer needs.
“Our acquisition of Hughes Tank Company was driven by its sterling reputation, best-in-class products and the company’s immediate and long-term growth potential,” said MAG Capital Partners principal and co-founder Andrew Gi.
MAG Capital Partners will break ground in mid-June 2023 on a 60,000-square-foot addition to the existing manufacturing facility and will broaden product offerings to include underground storage tanks.
“Hughes Tank Company was built slowly, over many years with integrity and innovation,” said Bobby Hughes, co-founder of Hughes Tank. “We chose to work with MAG Capital Partners because we share the same foundational values. I am as excited today about the future of this business as I was almost 35 years ago when we began.”
Dax T.S. Mitchell, principal of MAG Capital Partners, added, “Bobby and his team at Hughes Tank live their values and it shows in every aspect of the business.”
About MAG Capital Partners, LLC
MAG Capital Partners, LLC, a Dallas firm based at Old Parkland, invests in industrial real estate and operating companies across the continental United States. For more information visit www.magcp.com.