| NEW YORK, Aug. 2
NEW YORK, Aug. 2 Private equity firm Odyssey
Investment Partners LLC is exploring a sale of TNT Crane &
Rigging Inc, one of the largest U.S. crane service providers, in
a deal that could fetch more than $800 million, three people
familiar with the matter said this week.
TNT Crane & Rigging, which has earnings before interest,
tax, depreciation and amortization of about $100 million, has
asked JPMorgan Chase & Co to run the auction, the people
The people asked not to be identified because the matter is
confidential. Odyssey and JPMorgan declined to comment, and a
TNT Crane & Rigging representative did not respond to a request
Odyssey acquired TNT Crane & Rigging from another private
equity firm, MML Capital Partners LLP, in November 2011 for an
undisclosed amount. The company's management team, including
Chief Executive Mike Appling, were minority investors in the
deal and were kept in place by Odyssey.
The Houston-based company operates a fleet of more than 440
cranes serving the Texas, Louisiana and Oklahoma region and also
provides forklifts, rigging equipment and trailers.
Odyssey has about $3 billion in private equity assets under
management and operates out of offices in New York and Los