In order to view all images, please register and log in. This will also allow you to comment on our stories and have the option to receive our email alerts. Click here to register

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.