Delta Rigging & Tools Acquires Morgan City Rentals
Pearland, TX (June 10, 2013) — Delta Rigging & Tools, Inc., one of the largest providers of lifting and rigging products and related services in the United States, today announced the acquisition of Morgan City Rentals, a leading provider of offshore rental equipment and rigging supply in the Gulf of Mexico.
Established in 1970, Morgan City Rentals is headquartered in Morgan City, Louisiana, with additional locations in Golden Meadow and Broussard, Louisiana. Morgan City Rentals provides a wide range of offshore rental equipment, wire rope, rigging hardware & supplies, sling fabrication, and compliance load testing to the offshore oil and gas industry. Combined with Delta Rigging & Tools’ existing operations in Broussard and Houma, the acquisition of Morgan City Rentals establishes Delta Rigging & Tools as the leading offshore rental and rigging company in the Louisiana gulf coast market.
“One of our key strategic initiatives has been increasing our Louisiana rental and rigging business, and to go deeper into the offshore oil and gas drilling and production markets,” said Mitch Hausman, President and CEO of Delta Rigging & Tools. “We were very familiar with the outstanding reputation of Morgan City Rentals. Once we began discussions, it was clear that combining with a large and growing operation like Morgan City Rentals would be transformational for both companies, and the best way to serve our existing and new customers with expanded rigging and rental services.”
“Morgan City Rentals has grown its business with the same customer focus as Delta Rigging & Tools — consistently delivering safety, service, quality, and value. We believe that both companies’ existing customer bases will benefit from the combination of market-leading products, services, and support that the Delta Rigging & Tools and Morgan City Rentals teams bring to the table,” continued Hausman.
Joe Sanford, Jr., President and owner of Morgan City Rentals added, “I am very pleased to have found a partner like Delta Rigging & Tools that provides such a compelling fit for our employees and customers. We are excited to join forces with the talented management team of Delta Rigging & Tools. Both Morgan City Rentals and Delta Rigging & Tools are well-known companies managed by executives with decades of experience in the rental equipment and rigging business. We now have the nation’s most extensive fleet of pipe slings, hoists, winches, compressors, pumps and related rigging equipment.”
Over the past several years, working closely with Austin Ventures, Delta Rigging & Tools has successfully executed a strategy of acquiring and integrating a number of high-performing regional market leaders to create a scalable, industry-leading platform across the United States. Delta Rigging & Tools is well positioned to pursue further growth initiatives through strategic acquisitions, geographic expansion, the expansion of existing and new customer relationships, and additional product and service offerings both in the US and abroad. According to Mr. Hausman, “Delta Rigging & Tools will continue to seek additional acquisition opportunities of companies offering sales and rental of rigging, lifting and specialty products serving energy and industrial customers around the country”.
Southwest Securities, Inc. served as exclusive financial advisor to Morgan City Rentals
About Delta Rigging & Tools
Delta Rigging & Tools is one of the largest US providers for both sales and rental of rigging and lifting products, tools, and services. Delta Rigging & Tools offers a complete portfolio of lifting solutions, including hoists, winches, wire rope, wire and synthetic slings, accessory parts, and hardware as well as testing, inspection, and field service, and rental of lifting equipment and tools. Delta Rigging & Tools serves both domestic and international customers through 15 sales and service facilities and distribution centers located around the country. The company provides complete lifting and rigging solutions and support for a diverse range of markets, including Oil & Gas production and distribution, Energy and Power-Generation, Mining, Transportation, Heavy Manufacturing and Construction.
Founded in December, 2004, Delta Rigging & Tools continues to grow rapidly through a combination of acquisitions and Greenfield start-ups. Delta Rigging & Tools focuses on providing its customers with the highest possible levels of Safety, Service, Quality and Value. Additional information on Delta Rigging & Tools can be found at www.deltarigging.com.
About Austin Ventures
Austin Ventures (“AV”) has worked with talented entrepreneurs to build valuable companies for over 30 years. With $3.9 billion of capital raised, AV is the most active venture capital firm in Texas and one of the most established in the nation. AV invests in early stage and middle market companies, and its strategy is to partner with talented executives and entrepreneurs to build industry-leading companies predominantly in Texas. Additional information on AV can be found at www.austinventures.com.
About Morgan City Rentals
Morgan City Rentals was founded on a core belief that continues to guide the business today: Treat every customer and employee with the utmost respect and integrity, do what is right, and continue to improve processes and procedures to promote safety and reliability. Established in 1970, Morgan City Rentals is headquartered in Morgan City, Louisiana, with additional locations in Golden Meadow and Broussard, Louisiana. Morgan City Rentals provides a wide range of offshore rental equipment, wire rope, rigging hardware & supplies, sling fabrication, and compliance load testing to the offshore oil and gas industry. Additional information on Morgan City Rentals can be found at www.morgancityrentals.com.