HOUSTON, July 29 /PRNewswire/ -- The Sterling Group, L.P. ("Sterling"), a Houston-based private equity investment firm, today announced that it has completed the acquisition of B&G Crane Services, LLC ("B&G"). The acquisition was financed with equity primarily from Sterling Group Partners II, L.P. and debt financing from Wells Fargo Capital Finance, BNP Paribas, Capital One Leveraged Finance and Whitney Bank.
Headquartered in New Orleans, Louisiana, B&G specializes in providing fully operated and maintained crane services, heavy rigging and specialty hauling services in the Louisiana Gulf Coast region. The Company has a fleet of over 100 cranes ranging from 6 to 825 tons in capacity and a truck fleet of over 50 vehicles. The Company's crane rental fleet consists primarily of rough terrain, lattice boom truck cranes, crawler cranes and hydraulic truck cranes. The specialty hauling division includes modular platform trailers, gantry lift systems and specialty truck hauling capabilities. B&G's primary market consists of petrochemical, refining and industrial customers within a 150 mile radius of the Company's New Orleans and Baton Rouge facilities.
B&G was founded in 1946 by Xavier J. Grilletta Sr. His son, Xavier J. Grilletta Jr., has been CEO since 2007 and has worked for B&G for more than 32 years. The Grilletta family and members of management will continue to be meaningful shareholders in B&G in partnership with Sterling.
"B&G has spent over 60 years building a blueprint for success in the crane and heavy rigging industry throughout Southern Louisiana. We are thrilled to combine forces with The Sterling Group and duplicate this success in other regions of the Gulf Coast. Our combined experience and resources create great opportunities for growth and continued success in the industry," said Xavier J. Grilletta Jr., who will remain CEO of B&G and continue working alongside other family members and senior management.
"Xavier, his family and their employees have established a tremendous reputation over the last 64 years for providing safe and efficient crane services in the Louisiana Gulf Coast region. We look forward to working with Xavier and the rest of the management team to continue to provide outstanding service to B&G's customers and grow the business," said Kent Wallace, a Partner of The Sterling Group. "B&G has significant growth opportunities both in its core Louisiana market and in the Texas Gulf Coast and Mississippi Gulf Coast markets."
About The Sterling Group, L.P.
Founded in 1982, The Sterling Group, L.P. (www.sterling-group.com) is a private equity investment firm that targets controlling interests in basic manufacturing, industrial services and distribution companies. Typical enterprise values of these companies range from $100 million to $500 million. Sterling has sponsored the buyout of 37 platform companies and numerous add-on acquisitions for a total transaction value greater than $8.5 billion. Currently, Sterling has $1.3 billion of committed capital under management through three funds, including Sterling Group Partners II, L.P. Current portfolio companies include North American Energy Partners Inc., CST Industries, Inc., Roofing Supply Group, LLC, Universal Fiber Systems, LLC and Velcon Filters, LLC.