04.08.2013

Odyssey may sell TNT

Private equity firm Odyssey Investment Partners has reportedly asked JP Morgan Chase & Co explore opportunities to sell US crane rental group TNT Crane & Rigging, in a deal that could be worth well over $650 million.

Neither the appointment, nor the interesting in selling have been formally confirmed, and both Odyssey and JP Morgan have declined to comment.

TNT was founded in December 1984 by Troy Lambert with a single 18 ton mobile crane, it was then sold to private equity firm Mezzanine Management and a number of senior managers, including chief executive Mike Appling in November 2007 MML Capital Partners then sold it to Odyssey in November 2011, following a number of acquisitions, for an undisclosed sum See Odyssey takes TNT . The management team retained their stake in the business which has continued to grow by acquisition, including three transactions so far this year - Southway Crane & Rigging, TSD Crane & Rigging and Greenergy Construction & Maintenance. See TNT to merge with Southway and More acquisitions for TNT