Acquires Louisiana's Leading Provider of Specialty Lifting Products
16, 2006: Rental Holdings, LLC (now Delta Industrial Services, LLC), a platform company of Chicago lower-middle-market
private equity firm Prospect Partners, LLC, and parent company of
Industrial Hoist Services, LP, the nation's largest provider of
hoist and rigging equipment for rental, sale or service, has announced
the management-led acquisition of Delta Wire Rope, Inc. of Lafayette,
Louisiana, a leading provider of fabricated lifting products.
Founded in 1979, Delta Wire Rope is Louisiana's leading provider
of wire ropes and slings. It specializes in the sale, rental and
servicing of equipment to customers primarily in the oil, petrochemical,
construction, marine, timber and transport industries. An authorized
distributor for the premier manufacturers Crosby Group, Inc., Bethlehem
Wire Rope and American Wire Rope Corp., Delta also offers a wide
range of services, including custom fabrication, inspection, repair
and certification and testing. Its extensive line includes such
products as wire rope and synthetic slings, rigging blocks, shackles,
swivels, hooks and chain assemblies. Delta ships its products nationwide.
"Delta is a longtime
performer with a solid management team and strong opportunities
for continued growth," says Louis W. Kenter, a Principal at
Prospect Partners. "It is a synergistic fit for Rental Holdings.
We have strengthened our offering to industries we already serve
while creating opportunities to cultivate new customers and industry
segments with a broader fleet of equipment and accessories."
Adds Kevin P. Rodgers,
Chief Executive Officer of Rental Holdings, "Our goal
at Rental Holdings is to be the one-stop resource for large industrial
users looking to rent or buy rigging, hoist and other types of industrial
equipment and tools -- whether for construction or turn-around projects,
plant maintenance or routine inspection and repairs. We support
this commitment by offering a wide variety of equipment and accessories
and by providing topnotch 'hands-on' customer service to help ensure
our customers order only the equipment that makes the most sense
for their needs."
Toward that end, the company's
Industrial Hoist Services subsidiary in June acquired two other
Louisiana-based industrial equipment rental and service companies:
B&H Air TOols, LLC, of Baton Rouge, and Port Rental, Inc., of
New Iberia. As a result of those acquisitions, Industrial Hoist
Services now offers the nation's largest rental fleet of hoists,
winches and related rigging equipment.
Like Industrial Hoist,
Delta will operate as an independent subsidiary of Rental Holdings.
Its former owner, Bill Lindsey, will remain involved in the growth
of the company as a consultant. Mike Lindsey, who has been with
Delta since 1997, has been named President.
Furthering Rental Holdings'
growth objectives, both Delta Wire Rope and Industrial Hoist Services
will continue to seek acquisitions of companies that sell, lease
and/or service industrial hoist or rigging equipment and other lifting
About Rental Holdings,
Rental Holdings of Chicago,
Illinois, is a leading company specializing in industrial equipment
sales, rentals and servicing. It has three subsidiaries. Industrial
Hoist Services, LP, of Brazoria, Texas, is the national market leader
in the rental, service and sales of pneumatic, electrical and mechanical
powered chain hoists and winches to customers including power plants,
refineries and shipyards. 24/7 Studio Equipment Inc. of Burbank,
California, focuses exclusively on the rental of aerial and reach
equipment to the entertainment industry. Delta Wire Rope, Inc.,
of Lafayette, Louisiana, is a leading provider of wire ropes and
slings primarily to customers in the petrochemical, marine, construction,
timber and transport markets.
About Prospect Partners,
Prospect Partners, LLC
of Chicago is a leading lower-middle-market private equity firm,
managing $270 million in two private funds. Since its inception in
1998, Prospect Partners has focused on management-led leveraged
acquisitions of small niche leaders with revenues typically between
$10 and $30 million; the firm has invested in approximately 55 companies
across a wide variety of niche consumer, commercial, specialty distribution
and select service markets throughout the United States.