The investment was made via the firm’s First Reserve Fund XII vehicle. Odyssey acquired the company in a secondary transaction from private equity firm MML in 2011.
TNT provides lifting services and equipment to customers in the North American energy and industrial infrastructure end markets.
Demand for the company’s services is primarily driven by regularly scheduled turnaround and maintenance activities within large facilities including refineries, petrochemical facilities and power plants as well as throughout the well lifecycle in the upstream end market, it said. TNT typically provides equipment (including manned cranes, gantry lifts and rigging equipment) and performs specialised services (such as engineering, CAD lifting plan design and job-site surveys) during a project.
Tim Day, managing director of First Reserve, said, “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.”
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