November 2007
MML Capital Partners (“MML”), a leading independent mezzanine and private equity firm, announces that it has led the acquisition of TNT Crane & Rigging (“TNT” or the “Company”) which 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. It follows the firm’s successful exit earlier this year from its investment in XServ, the leading 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 attractive end markets.
The transaction further attests to the firm’s strategic focus on investments where flexible structuring is achieved via a combination of mezzanine and equity.
Michael Appling Jr., former EVP 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.
Commenting on the transaction, Robert M. Davies, Managing Director of MML, and newly appointed Director of TNT said:“TNT is one of the largest service providers in its market. 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.”
Mike Appling, TNT’s President and CEO, added: “Having worked with MML for the past 5 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.”
MML was advised by Porter & Hedges LLP (legal, led by Christopher A. Ferazzi).
TNT was advised by Andrews Kurth LLP (legal, led by Ken Miller) and GulfStar
Group (financial, led by W. Clifford Atherton Jr.).