Prospect Partners' Industrial Equipment Platform Makes Fifth Acquisition
Delta Industrial Services, Inc's Acquisition of Coastal Wire Rope & Supply Strengthens Firm's Presence in Key Louisiana, Offshore Markets
CHICAGO, Ill.—July 17, 2008: Lower-middle-market private equity firm Prospect Partners, LLC, has announced the acquisition of wire rope and rigging hardware provider Coastal Wire Rope & Supply, Inc. of Houma, Louisiana, by portfolio company Delta Industrial Services, LLC (formerly Rental Holdings, LLC), the nation's leading provider of wire rope, rigging and lifting equipment. Coastal, which will become part of the company's Delta Rigging & Tools, Inc. business unit, is Delta's fifth acquisition of an industrial equipment provider in the last three years, and strengthens the company's presence in key southern Louisiana and offshore oil markets.
Founded in 1991, Coastal manufactures and distributes a variety of wire rope and rigging products, including wire rope, slings, cordage and rigging hardware, to Gulf Coast customers in the oil and gas industries. One of the few providers of high-capacity wire rope slings up to 3 1/2 inches in diameter, Coastal also has built a strong reputation for service, typically providing same-day turnaround on slings, rigging hardware and sling testing.
"The acquisition further supports Delta's goal of being the one-stop resource for large industrial users that want to buy or rent rigging or lifting equipment or seek a high-quality provider of inspection and repair services," says Louis W. Kenter, a Principal at
Adds Kevin P. Rodgers,
an independent equity sponsor who co-invested with Prospect Partners in Delta Industrial Services and who is a Director of the company, "We are excited about the opportunities Coastal brings. The company is very highly regarded, deepens our penetration into South Louisiana and in the offshore market, and brings a new specialty product to our line — large-diameter wire rope slings."
Coastal's founders, Kurt Charpentier and Tommy Dyson, will remain with the company to help Delta continue to grow the business.
Delta operates out of eight branches in Texas and Louisiana. They are: El Paso and Ft. Worth, Texas; and Baton Rouge, Lafayette, New Iberia, Sulphur and, now, Houma, Louisiana. The company also operates from single branch locations in Atlanta, Georgia and Columbus, Ohio. Delta's corporate headquarters are in Lake Jackson, Texas.
About Delta Industrial Services, LLC
Delta Industrial Services, LLC is a national leader that specializes in the sale, rental and servicing of industrial hoisting, rigging and tooling equipment and in the rentals of access equipment to the entertainment industry through its two business units, Delta Rigging & Tools, Inc., and 24/7 Studio Equipment, Inc.
About Prospect Partners,
Prospect Partners, LLC
of Chicago, Illinois, is a leading lower-middle-market private equity firm
managing $270 million in two funds. A highly experienced, active and committed smaller-company investor, Prospect Partners focuses exclusively on management-led leveraged
acquisitions of niche leaders with revenues typically between
$10 million and $50 million. Since its inception in 1998, Prospect Partners has invested nationwide in approximately 70 leading companies
across a broad range of niche markets, including consumer, commercial, manufacturing, distribution
and specialty consumer and business services.