15.11.2007

TNT Crane & Rigging sold

Private equity firm Mezzanine Management has led an acquisition of TNT Crane & Rigging a Houston, Texas based crane and rigging company. Terms of the acquisition have not been disclosed.

Michael Appling a former executive vice president of XServ, also invested in the business and becomes president and CEO of TNT. He said: "Having worked with MML for the past five years while at XServ, I am delighted to be partnering with the firm once again. They have demonstrated the ability to add value by providing not only financial support but also constructive strategic advice to management. We believe they will prove to be an invaluable partner and strategic resource to TNT as we continue to grow the business."

Robert M. Davies, managing director of Mezzanine and newly appointed director of TNT said: "TNT is one of the largest service providers in its market, it is well capitalised with an experienced and committed team and a modern fleet of cranes. The Company is well placed for generating further growth. We look forward to supporting TNT management in their efforts to build the Company both organically and through acquisitions."

TNT was founded in December 1984 by Troy Lambert with a single 18 ton mobile crane. The company now has three locations in Texas, in Houston, San Antonio and Corpus Christi and operates a fleet of cranes from 18 to 800 tons as well as a large fleet of jacking systems, a transport fleet and a number of heavy forklifts and telehandlers.