Crane rental company TNT Crane & Rigging will be acquired by its management team and global equity firm First Reserve. Financial terms of the deal with the First Reserve Fund XII were undisclosed. Completion is forecast before the end of 2013.
TNT, owned by Odyssey Investment Partners, has a fleet of more than 400 cranes and specialises in the oil and gas and industrial infrastructure industries in the United States.
Commenting on the deal, Mike Appling, TNT CEO, said, “First Reserve’s investment is an important milestone for our company. Our partnership will create additional opportunities for our employees and advance our capabilities to service our customers. We believe the outlook for our business has never been better, and we are excited to partner with First Reserve in the next phase of our growth. Our management team is highly confident that First Reserve’s strategic vision, energy industry knowledge including relationships, and deep experience in providing companies like ours access to growth capital will benefit us as we continue to execute on our growth strategy.”
Tim Day, First Reserve managing director, commented, “We have a long and successful history of supporting and growing businesses providing services to the energy infrastructure end markets. TNT represents a continuation of that theme, and we are excited to partner with the highly talented management team of TNT and support them in their ongoing growth initiatives. We believe this platform is uniquely positioned for continued growth, both in terms of its existing served geographies and new markets.”
Stephen Berger, Odyssey Investment Partners chairman, said, "We are proud of what TNT has achieved since we acquired the company and we believe the company is
well positioned to create additional value under its new ownership. We applaud Mike Appling and his team for their many accomplishments and wish all the people of TNT continued success in the future."