Following the acquisition of Coastal Wire Rope & Supply last month, its fifth purchase in three years, Delta Rigging & Tools itself has been bought by private equity firm Austin Ventures for an undisclosed amount. With about $3 billion under management, Austin Ventures concentrates on providing startup and growth funding for emerging companies.
Based in Lake Jackson, Texas, Delta Rigging & Tools supplies hoists, winches, wire rope, and other lifting tools and field services nationwide, with particular attention to the Texas and Louisiana Gulf Coast region.
"This transaction is excellent news for Delta's customers and employees," says 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."
Austin Ventures' and Delta's management teams have partnered with CIT Energy, a division of The CIT Group, and Madison Capital Funding to provide equity and debt capital to fund Delta's continued growth. Joe Aragona and Scott Donaldson of Austin Ventures have joined Delta's board of directors. Delta has 250 employees, and no job cuts are expected.
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