MML Capital Partners ("MML") announces today that its portfolio company, TNT Crane & Rigging, Inc. ("TNT") has acquired the assets of Kuhn Crane Service, Inc. ("Kuhn") for an undisclosed amount.
Based in Corpus Christi, Texas, Kuhn is a manned mobile crane rental company primarily serving customers in the oil and gas industry. Kuhn was founded in 1979 and today owns one of the youngest fleets of any of its competitors.
MML led the acquisition of TNT in November 2007. TNT is a privately held full service crane and rigging operator based in Houston, Texas. The acquisition of Kuhn will compliment TNT's current service offering. The combined company now has 78 cranes servicing Texas from branches strategically located in Houston, Corpus Christi, San Antonio and Edinburg.
Commenting on the transaction, Mike Appling, President & CEO of TNT said: "Approximately six months after completing the LBO of TNT, MML has backed our management in this strategic add-on acquisition. MML's expertise was invaluable during the structuring, negotiation and completion of the transaction. We appreciate their support in growing the business."
Robert Davies, Managing Director of MML and member of the TNT Board added: "The acquisition of Kuhn is a complementary strategic fit for TNT. This will not only increase the size of our existing fleet of cranes, but also allow TNT to expand into a new vertical market. We look forward to continuing to support TNT's growth, bothorganically and through further strategic acquisitions."
TNT was advised by Porter & Hedges, L.L.P (legal) and BKD, LLP (financial).