The Sterling Group, a private equity investment company, has completed the purchase of B & G Crane Services, which specialise in mobile cranes. The Stirling Group, which is based in Houston, Texas, stated that it had provided financing for the acquisition with equity from Sterling Group Partners II, whilst debt financing was provided by a variety of sources, including BNP Paribas, Wells Fargo Capital Finance, Whitney Bank and Capital One Leveraged Finance. Xavier Grilletta Jnr, erstwhile owner of B & G Crane Services, will remain the Chief Executive Officer. He said:
B&G has spent over 60 years building a blueprint for success in the crane and heavy rigging industry throughout Southern Louisiana. We are thrilled to combine forces with The Sterling Group and duplicate this success in other regions of the Gulf Coast. Our combined experience and resources create great opportunities for growth and continued success in the industry.
Kent Wallace, a partner in The Stirling Group, said:
Xavier, his family and their employees have established a tremendous reputation over the last 64 years for providing safe and efficient crane services in the Louisiana Gulf Coast region. We look forward to working with Xavier and the rest of the management team to continue to provide outstanding service to B&G’s customers and grow the business. B&G has significant growth opportunities both in its core Louisiana market and in the Texas Gulf Coast and Mississippi Gulf Coast markets.
B & G Crane Services was founded in 1946 by Xavier Grilletta Sr, and his son has been the CEO since 2007. The family will continue to be shareholders in the firm, as well as being on the board of management. The firm is based in Louisiana, and specialise in heavy rigging and mobile cranes for use in the Gulf coast area. Their fleet contains in excess of 100 mobile cranes, of both the wheeled and crawler variety, and they primarily operate within the petrochemical and refining industries, in the areas surrounding New Orleans and Baton Rouge.