Private equity firm Odyssey Investment Partners LLC is exploring a sale of TNT Crane & Rigging Inc, one of the largest U.S. crane service providers, in a deal that could fetch more than $800 million, sources told Reuters.
(Reuters) – Private equity firm Odyssey Investment Partners LLC is exploring a sale of TNT Crane & Rigging Inc, one of the largest U.S. crane service providers, in a deal that could fetch more than $800 million, three people familiar with the matter said this week.
TNT Crane & Rigging, which has earnings before interest, tax, depreciation and amortization of about $100 million, has asked JPMorgan Chase & Co (JPM.N: Quote, Profile, Research, Stock Buzz) to run the auction, the people said.
The people asked not to be identified because the matter is confidential. Odyssey and JPMorgan declined to comment, and a TNT Crane & Rigging representative did not respond to a request for comment.
Odyssey acquired TNT Crane & Rigging from another private equity firm, MML Capital Partners LLP, in November 2011 for an undisclosed amount. The company’s management team, including Chief Executive Mike Appling, were minority investors in the deal and were kept in place by Odyssey.
The Houston-based company operates a fleet of more than 440 cranes serving the Texas, Louisiana and Oklahoma region and also provides forklifts, rigging equipment and trailers.
Odyssey has about $3 billion in private equity assets under management and operates out of offices in New York and Los Angeles.Get your FREE trial or subscribe now to Buyouts to find new deal opportunities, super-charge your fundraising efforts and track top managers.