Austin Ventures Has Acquired Delta Rigging & Toolsadmin
Tuesday, August 12th 2008
Austin Ventures and Delta Rigging & Tools announced Austin Ventures’ acquisition of Delta Rigging & Tools. The transaction closed on August 4, 2008 and financial terms were undisclosed. AV investment professionals Joe Aragona and Scott Donaldson will join Delta’s board of directors.
“We are extremely excited about our investment in Delta Rigging & Tools, given its outstanding management team, strong track record of growth and profitability, and exceptional customer base,” said Aragona, a General Partner with AV.
Delta, headquartered in Lake Jackson, Texas, is the largest, one-stop provider of lifting products and services within the large and fragmented domestic lifting equipment and rigging industry. Delta offers a complete portfolio of lifting solutions, including hoists, winches, wire rope, synthetic slings, accessory parts, and hardware as well as testing, inspection, and field services. Delta serves a national footprint of customers and end markets with particular strength in various energy applications throughout the Gulf Coast of Texas and Louisiana.
Over the last three years, Delta has successfully executed a strategy of acquiring and integrating regional market leaders to create a scalable, industry-leading platform. Delta is well positioned to pursue further growth initiatives through strategic acquisitions, geographic expansion, existing and new customer relationships, and additional product and service offerings. AV and Delta’s management team have partnered with CIT Energy, a division of The CIT Group, and Madison Capital Funding to provide the equity and debt capital necessary to support Delta’s continued growth and success.
“This transaction is excellent news for Delta’s customers and employees,” said Kevin Rodgers, CEO of Delta. “In addition to realizing value for Delta’s current shareholders, the company gains an outstanding partner with whom we can confidently and aggressively pursue our growth strategies. AV has a solid track record of partnering with management teams and industry-leading financial partners to create value in their portfolio companies.”
Austin Ventures has been working with talented entrepreneurs to build valuable companies since 1979. With $3 billion under management, AV is the most active venture and growth equity firm in Texas, and one of the most established in the nation. With a focus on business services, information services, integrated media, computer and communications hardware, enterprise software and special situations, Austin Ventures invests at all stages of company development, from $100,000 “planned experiments” to $50+ million investments in management buyouts. Visit www.austinventures.com for more information.