30.07.2010

Sterling buys B&G

Private equity firm The Sterling Group has completed the acquisition of B&G Crane Services of New Orleans.

The transaction was financed with equity primarily from Sterling and debt financing from Wells Fargo Capital Finance, BNP Paribas, Capital One Leverage Finance Corporation and Whitney Bank.

B&G specialises in fully operated crane services, heavy rigging and specialty hauling services in the Louisiana/Gulf Coast region. The company has a fleet of over 100 cranes ranging from six to 825 tons in capacity and a truck fleet of over 50 vehicles.

B&G was founded in 1946 by Xavier J. Grilletta Senior, his son, Xavier J. Grilletta Junior has been chief executive since 2007 and has worked for B&G for more than 32 years. The Grilletta family and members of the management team will maintain a shareholding in B&G.

Grilletta, who will remain as chief executive, said: “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 with the Sterling Group added: "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 him 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."