22.10.2013

First Reserve to purchase TNT

First Reserve private equity has agreed the acquisition of Texas-based TNT Crane & Rigging from owners Odyssey Investment Partners.

In August this year Odyssey asked JP Morgan Chase & Co to explore opportunities to sell the US crane rental group - see: Odyssey may sell TNT. No details have been released but the deal may be worth more than $650 million and is expected to complete before the end of the year.

TNT was founded in 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, the value of the deal was not disclosed.

The management team retained their stake in the business which has continued to grow by acquisition, including Southway Crane & Rigging, TSD Crane & Rigging and Greenergy Construction & Maintenance. The company currently operates with a fleet 439 cranes throughout the Gulf Coast and southeast of the United States.