Odyssey Investment Partners Acquires TNT Crane and RiggingNEW YORK, November 21, 2011 - Odyssey Investment Partners, LLC announced today that it has acquired TNT Crane and Rigging, Inc. ("TNT" or "the Company") from MML Capital Partners. TNT is the leading mobile crane rental company serving the Texas, Louisiana and Oklahoma region. Financial terms of the transaction were not disclosed.
Headquartered in Houston, Texas, with eight additional branches in the region, TNT provides crane rental and rigging services primarily to the refinery, petrochemical, power, commercial and oil & gas end markets. The Company owns one of the largest and most diverse mobile crane fleets in the region, with cranes ranging in size from 15-tons to 800-tons. In addition, the Company offers full-service rigging solutions using a portfolio of specialized rigging equipment.
Bill Hopkins, a 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 looks forward to working closely with them to continue building this business."
The entire TNT management team, including Mike Appling (President and CEO), Deana Haygood (CFO), Randy Dobbs and Pat Tesson, are investors in the transaction and will continue to lead the company under Odyssey's ownership.
Mr. Appling said: "We are extremely excited about our new relationship with Odyssey. Our partnership will create additional opportunities for employees and advance our capabilities to service our customers. Odyssey has a deep knowledge and understanding of the rental services industry and our particular end markets; this will enhance our growth opportunities and capabilities. We believe Odyssey will prove to be an invaluable resource and strategic partner to TNT as we continue to grow the business."
Odyssey's experience investing in industrial rental and localized service businesses includes Williams Scotsman Inc., a leading provider of mobile office and storage units leased through a national network of branches; Neff Corp., a leading construction equipment rental company with coast-to-coast branch locations; ETS, a market leader in the temporary liquid and solid storage containment rental business; and Safway, a leader in scaffolding services and access solutions in North America.
Stifel Nicolaus Weisel acted as financial advisor to Odyssey.
About Odyssey Investment Partners
Odyssey Investment Partners, LLC, with offices in New York and Los Angeles, is a leading middle-market private equity firm with approximately $2 billion under management. Odyssey Investment Partners makes control investments in established middle-market companies in a variety of industries. For further information about Odyssey Investment Partners, please visit www.odysseyinvestment.com. The firm can be reached in New York at 280 Park Avenue, New York, NY 10017 or (212) 351-7900; and in California at 21650 Oxnard Street, Woodland Hills, CA 91367 or (818) 737-1111.
About TNT Crane and Rigging, Inc.
Founded in 1985, TNT is a leading provider of crane rental and rigging services across Texas, Louisiana and Oklahoma. TNT is headquartered in Houston, Texas and operates eight additional branches across the region. TNT has one of the largest mobile crane fleets in the region with cranes ranging in size from 15-tons to 800-ton. In addition, TNT has a comprehensive fleet of gantry jacks, forklifts, rigging equipment and personnel, and tractor/trailers.
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