B&G Crane Holdings will be acquired by NCSG Crane & Heavy Haul Corporation and its investor group led by TriWest Capital Partners, Alberta Teachers’ Retirement Fund and NCA Partners.
A wholly owned indirect subsidiary of NCSG, NCSG Crane & Heavy Haul Holdings Inc., has signed a stock purchase agreement to buy 100 percent of the outstanding shares of B&G Crane Holdings. The majority owner of the business prior to the sale is The Sterling Group, L.P.
B&G was founded in Louisiana in 1946 by the Grilletta family which still owns a significant minority interest in the business. B&G is one of the largest suppliers of operated and maintained crane services, specialized rigging, and heavy haul transportation in the states of Louisiana and Texas. B&G has more than 180 master service agreements in place with customer locations in the refining, petrochemical, midstream and other heavy industrial end markets.
The B&G management team, including Gawain Grilletta, Rich Haggard, Trip Grilletta and Xavier Grilletta, Jr. will continue to run the business on a day-to-day basis and will all become shareholders of NCSG.
“B&G is a great business with a proud history of providing outstanding service to its many customers in Texas and Louisiana and the current B&G management team plans to continue to run the business and carry on with that tradition,” said Ted Redmond, NCSG president. “We believe that the combination of B&G and NCSG is a significantly more diversified business that will allow us to get better overall asset utilization as we can share our project and maintenance cranes across a more diverse set of end markets.”
Xavier Grilletta, Jr. B&G vice chairman, said, “I am proud of the business we have built and I believe that NCSG has similar values for building and running a customer focused business. We intend to continue our long history of safely providing outstanding customer service.”
Gawain Grilletta, B&G vice president of operations, said, “A specific example of the equipment we will now have available to us is the world’s largest mobile crane, the Liebherr LTM 11200, that has a capacity of 1,350 U.S. tons [1,200 metric tons] and is well suited to lifting large vessels in tight locations.”