First Reserve to Acquire TNT Crane & Rigging

Oct. 23, 2013-Exclusively oil-focused global equity firm, First Reserve, has announced that First Reserve Fund XII, partnering with existing management team, will acquire TNT Crane & Rigging Inc. from Odyssey Investment Partners. The transaction is subject to certain regulatory approvals and is expected to close before year-end 2013.

Mike Appling, CEO of TNT, commented, "First Reserve's investment is an important milestone for our company.  Our partnership will create additional opportunities for our employees and advance our capabilities to service our customers.  We believe the outlook for our business has never been better, and we are excited to partner with First Reserve in the next phase of our growth.  Our management team is highly confident that First Reserve's strategic vision, energy industry knowledge including relationships, and deep experience in providing companies like ours access to growth capital will benefit us as we continue to execute on our growth strategy."

Tim Day, managing director of First Reserve, commented, "We have a long and successful history of supporting and growing businesses providing services to the energy infrastructure end markets.  TNT represents a continuation of that theme, and we are excited to partner with the highly talented management team of TNT and support them in their ongoing growth initiatives.  We believe this platform is uniquely positioned for continued growth, both in terms of its existing served geographies and new markets."