First Reserve Fund XII has agreed to acquire TNT Crane & Rigging Inc. from Odyssey Investment Partners.
TNT is the leading provider of lifting services and equipment to customers in the North American energy and industrial infrastructure end markets.
Financial terms of the transaction were not disclosed. The deal is expected to close before year-end 2013.
“First Reserve’s investment is an important milestone for our company,” TNT’s CEO Mike Appling stated in a press release. “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, managing director of First Reserve, agreed it’s a good move.
“We have a long and successful history of supporting and growing businesses providing services to the energy infrastructure end markets,” Day stated. “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.”
Founded in 1985, TNT operates one of the largest mobile crane fleets in the Gulf Coast and Southeast U.S. with 439 units. The company provides manned cranes and rigging equipment, and performs specialized services such as engineering, CAD lifting plan design, and job-site surveys for projects.
First Reserve Fund XII LP specializes in leveraged buyout investments seeking to invest in midstream and downstream energy industry sectors with a focus on energy related insurance and financial investments. The company is based in Greenwich, Conn.