Industrial Hoist Services Acquires
Two Louisiana Industrial Equipment Companies
Industrial Hoist Now Offers Country's Largest Rental Fleet of
Hoists, Winches and Related Rigging Equipment
30, 2006: Industrial Hoist Services, LP, a portfolio company of
Chicago private equity firm Prospect Partners, LLC, has announced
the simultaneous acquisitions of two Louisiana-based industrial
equipment companies: B&H Air Tools, LLC, of Baton Rouge, and
Port Rentals, Inc., of New Iberia. With the acquisitions, Industrial
Hoist Services, the country's leading provider of hoisting, rigging
and winching equipment for rental, sale or service, deepens its
product line, extends its geographic coverage and reaches new industry
segments, including offshore petrochemical markets.
Founded in 1972, B&H Air Tools specializes in industrial equipment
rentals, sales and servicing, primarily to the petrochemical refinery,
offshore drilling and shipbuilding industries. In addition to hoist,
winch and rigging equipment, the company rents, sells and repairs
pneumatic, electrical and hydraulic tools as well as lifting and
handling equipment and accessories typically used for construction
projects, plant turnarounds and manufacturing plants.
Port Rentals is a four-year-old
company that has quickly penetrated the offshore and onshore oilfield
industries, providing rental equipment, maintenance and repairs
as well as dive-related equipment for underwater use.
"It is our goal to
be the single resource for the lifting and tugging needs of a broad
range of large industrial users for such applications as plant shutdowns,
routine repair and maintenance, new construction and safety inspection
work," says Kevin P. Rodgers, Industrial Hoist Services' Chief
Executive officer. "B&H Air Tools and Port Rentals are
well-known niche companies whose products overlap and complement
those of Industrial Hoist. We now have the nation's most extensive
fleet of hoists, winches and related rigging equipment and have
expanded our offering into air tools and many other types of equipment
needed by the industries we serve."
In addition, the companies'
locations near the Gulf of Mexico give Industrial Hoist a more substantial
presence in one of its key markets while paving the way for greater
involvement in offshore drilling and related petrochemical industries,
Mr. Rodgers says.
Adds James G. Kowalik,
President of Industrial Hoist Services, "We are extremely excited
to join forces with the talented management of B&H Air Tools
and Port Rentals. Both are well-known companies run by people with
decades of experience in the rental equipment business."
The B&H Air Tools
management team includes company founder Grady Bullock, Sr.; David
Nault, Operations Manager; Joe Davis, Sales Manager; Grady Bullock,
Jr., Outside Sales; and Cliff Bullock, Purchasing Manager. Port
Rentals is co-run by Neecie Falgout and Scott Guidry.
Industrial Hoist Services
will continue to seek additional acquisition opportunities of companies
involved in the rental and sales of industrial lifting equipment.
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 niche leaders with revenues typically between $10
and $30 million; the firm has invested in nearly 55 companies within
many niche consumer, commercial, specialty distribution and select
service markets throughout the United States.