21.11.2011

Odyssey picks up TNT

Odyssey Investment Partners has acquired Houston based TNT Crane and Rigging from MML Capital Partners.

TNT is a leading mobile crane rental company in the Texas, Louisiana and Oklahoma region. The financial details of the transaction have not been disclosed.

The company operates from eight locations in addition to its headquarters and provides crane rental and rigging services to the refinery, petrochemical, power, commercial and oil & gas end markets.

TNT was founded in 1985 and operates a large and diverse range of cranes, ranging from 15 to 800 tons capacity, it also offers full-service rigging service, complete with specialised rigging equipment. The company has grown rapidly in recent yearrs through a number of acquisitions.

The entire TNT management team, including chief executive Mike Appling, chief financial officer Deana Haygood, Randy Dobbs and Pat Tesson all of whom are investors in the transaction and will continue to manage the company under Odyssey's ownership.

TNT Crane and Rigging sold $10.44 million worth of new shares to seven investors in February, including Appling, TNT founder Troy Lambert, Robert Davies and James Read of MML and Frans Brinkmann of Scafom Finance BV.

The share sale followed close on the heels of its acquisition of Louisiana Crane's Texas based assets and merger with RTL. Click here to see TNT continues expansion

Bill Hopkins, a managing principal at Odyssey, said: "We have a long and successful history supporting and building businesses in the industrial equipment rental and services industries and 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."

Appling added: "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 has been involved with the rental industry for some time and its investments include: Neff, Safway scaffold and Williams Scotsman.