B&G Crane Services acquisition completed

Private equity investment firm The Sterling Group has completed the acquisition of B&G Crane Services in the USA.

Houston, Texas-based private equity investment firm Sterling said it financed the deal, for an undisclosed sum, with equity primarily from Sterling Group Partners II and debt financing from Wells Fargo Capital Finance, BNP Paribas, Capital One Leveraged Finance and Whitney Bank.

"B&G has spent over 60 years building a blueprint for success in the crane and heavy rigging industry throughout Southern Louisiana. We are thrilled to combine forces with The Sterling Group and duplicate this success in other regions of the Gulf Coast. Our combined experience and resources create great opportunities for growth and continued success in the industry," said Xavier J. Grilletta Jr., who will remain CEO of B&G and continue working alongside other family members and senior management.

"Xavier, his family and their employees have established a tremendous reputation over the last 64 years for providing safe and efficient crane services in the Louisiana Gulf Coast region. We look forward to working with Xavier and the rest of the management team to continue to provide outstanding service to B&G's customers and grow the business," said Kent Wallace, Sterling Group partner. "B&G has significant growth opportunities both in its core Louisiana market and in the Texas Gulf Coast and Mississippi Gulf Coast markets."

Xavier J. Grilletta Sr founded B&G in 1946. His son, Xavier J. Grilletta Jr., has been CEO since 2007 and has worked for B&G for more than 32 years. The Grilletta family and members of management will continue as shareholders. New Orleans, Louisiana-based B&G specialises in operated and maintained crane services, heavy rigging and specialized hauling in the Louisiana Gulf Coast region. It has a fleet of more than 100 wheeled and crawler mobile cranes up to 825 US tons capacity. The specialty hauling division has a fleet of more than 50 vehicles, including modular platform trailers and gantry lift systems. Operations are with petrochemical, refining and industrial customers in a 150 mile (240 km) radius of the New Orleans and Baton Rouge facilities.