|By PR Newswire||
|August 5, 2014 12:29 PM EDT||
HOUSTON, Aug. 5, 2014 /PRNewswire/ -- TNT Crane & Rigging, Inc. is pleased to announce that it has signed a definitive agreement to acquire Stampede Crane & Rigging Inc., Stampede Crane & Rigging Ltd., Eagle West Truck & Crane Inc., Eagle West Precast Ltd., and certain assets of J&B Trucking, collectively "Stampede/Eagle West". The transaction is expected to close in September 2014.
Stampede/Eagle West is a full service provider of crane and rigging services to customers in British Columbia and Alberta, Canada. This acquisition provides a strong entrance into the rapidly growing energy end-markets in Western Canada. Stampede/Eagle West will serve as a platform for TNT's anticipated future growth in Canada both organically and through further acquisitions. Terms of the transaction were not disclosed.
Stampede/Eagle West and TNT's shared focus on energy and energy-related end-markets is an exceptional strategic fit that will enable TNT to capitalize on new opportunities and extend its presence into a new geography. Stampede/Eagle West operates an integrated network of nine branches and 78 cranes strategically located across Alberta and British Columbia that delivers a solid tactical footprint in the region. Customers will benefit from a more diversified fleet, continued investment in new fleet and the combined experience and expertise to execute larger and more complex projects. Upon completion of the Stampede/Eagle West transaction, TNT's fleet will grow to over 580 cranes ranging in size from 8 to 1300 tons operating throughout North America.
Bob Fairbank, President of Stampede/Eagle West, commented, "Our employees couldn't be happier to be joining forces with a company like TNT. We are well positioned to compete for the burgeoning projects and maintenance activities in Western Canada with our combined track record, depth of resources and wealth of management expertise."
Michael Appling Jr., CEO of TNT stated, "The acquisition of Stampede/Eagle West provides increased geographic diversification and gives TNT a superb platform for entry into the rapidly growing Canadian energy end-markets. Their longstanding history in Alberta and British Columbia, coupled with TNT's capabilities, will provide our combined customer base tremendous benefits. We are excited to welcome our new partners/employees to the TNT family and look forward to our future growth together."
Kregg Lunsford, President of TNT said, "We are very bullish on the Canadian market fundamentals and believe that Stampede/Eagle West is the ideal company with which to partner. They not only have outstanding customer relationships in the energy, power, infrastructure, construction and commercial end-markets, but also have employees that take great pride in their work with deep ties to their communities. Stampede/Eagle West's management team coupled with its talented operators will enable us to quickly establish TNT's presence in this important strategic region. The key managers bring invaluable expertise and professionalism and we are excited about our prospects for the future."
Founded in 1985, TNT Crane & Rigging, Inc. is one of the largest crane service providers in North America utilizing hydraulic truck, all terrain and crawler cranes with lifting capacity up to 1300 tons, plus a comprehensive inventory of gantry jacks, forklifts, rigging equipment, and tractor/trailers. The company has over 1,400 employees working in its strategically positioned 33 branch network. TNT delivers lifting solutions safely and efficiently to customers across diverse industries including oil & gas, refining, petrochemical, power and commercial end markets.
For more information visit www.tntcrane.com.
SOURCE TNT Crane & Rigging, Inc.
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