Crane rental house TNT Crane & Rigging in the USA has sold a majority interest to Odyssey Investment Partners, LLC, American Cranes & Transport has learned. A privately held crane and rigging company based in Houston, TNT has eight branches in Texas, Louisiana and Oklahoma. Terms of the transaction were not disclosed.
As one of the largest mobile crane service providers in the nation, TNT has experienced rapid growth organically and through four acquisitions since 2008, the company said. TNT is ranked 15th in the ACT 100 list of North America's largest crane owning companies. In 2011 it was also ranked as the fastest growing crane company.
With the Odyssey investment, TNT plans to continue to grow the business both organically and through acquisitions, the company said. The management team, including Mike Appling, Randy Dobbs, Pat Tesson and Deana Haygood, will continue to own a substantial percentage of the company, according to TNT.
"We would like to thank our former board and shareholder base," said Appling, president and CEO. "MML Capital, Frans Brinkmann and Troy Lambert provided excellent guidance and support as we tripled the size of the business over a four-year period. We are extremely excited to partner with Odyssey for our future operations. They have an excellent reputation and deep understanding of our end markets, which will make them an invaluable strategic resource."
Of the transaction, Bill Hopkins, managing principal of Odyssey, said, "We have a long and successful history supporting and building businesses in the industrial equipment rental and services industries. We believe that TNT is a tremendous opportunity. Odyssey is extremely impressed with the management team and we look forward to working closely with them to continue building this business."