TNT buys into Canada
TNT Crane & Rigging has agreed the acquisition of Stampede Crane & Rigging, Eagle West Truck & Crane, Eagle West Precast and certain assets of J&B Trucking. The transaction is expected to close next month.
Stampede/Eagle West operates 78 cranes from a network of nine branches across Alberta and British Columbia and incorporates previous acquisitions of Cox Crane and Custom Cranes.
The acquisition is intended to provide TNT with an entrance into the rapidly growing energy markets of Western Canada and will serve as a platform for TNT’s future growth in the region. It will take TNT’s fleet to over 580 cranes, ranging in size from eight to 1,150 tonnes. It says that customers will benefit from a more diversified fleet, continued investment in new fleet and the combined experience and expertise of the two companies, allowing them to execute larger and more complex projects.
Stampede/Eagle West president Bob Fairbank said: “Our employees couldn’t be happier to be joining forces with a company like TNT. We are well positioned to compete for the burgeoning projects and maintenance activities in Western Canada with our combined track record, depth of resources and wealth of management expertise. ”
TNT chief executive Michael Appling Jr added:"The acquisition of Stampede/Eagle West provides increased geographic diversification and gives TNT a superb platform for entry into the rapidly growing Canadian energy end-markets. Their long standing history in Alberta and British Columbia, coupled with TNT’s capabilities, will provide our combined customer base tremendous benefits. We are excited to welcome our new partners/employees to the TNT family and look forward to our future growth together.”
Terms of the transaction were not disclosed.
This is the second acquisition by TNT in three weeks - it acquired Oklahoma based Rent-A-Crane on July 16th - and since it was acquired by First Reserve private equity from Odyssey Investment Partners in October last year. See First Reserve to purchase TNT