Private equity firm Mezzanine Management Limited (MML), Stamford, Conn., has acquired TNT Crane & Rigging, in a transaction that closed earlier this month. TNT is a privately held full-service crane and rigging operator based in Houston, Texas. Terms of the acquisition were not disclosed.
The investment is being made by MML's fourth fund, Mezzanine Management Fund IV. It follows the firm's exit earlier this year from its investment in XServ, a U.S. provider of specialty maintenance services to chemical, refining, power and other industrial facilities. The acquisition of TNT continues MML's focus on infrastructure-related companies serving some of these same end markets.
"TNT is one of the largest service providers in its market,” said Robert Davies, managing director of MML and newly appointed director of TNT. “Being well capitalized with an experienced and committed team and a modern fleet of cranes reinforces the company's strong competitive position. Moreover, as the demand for TNT's services remains solid, 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."
Michael Appling Jr., former executive vice president of XServ, and newly appointed president and CEO of TNT, invested alongside MML. Senior debt facilities for the acquisition were provided by JPMorgan Chase and Bank of America.
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