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Sterling completes acquisition of B&G Crane Services

The Sterling Group, a Houston-based private equity investment firm, has completed the acquisition of B&G Crane Services.

The acquisition was financed with equity primarily from Sterling Group Partners II and debt financing from Wells Fargo Capital Finance, BNP Paribas, Capital One Leveraged Finance and Whitney Bank.

Headquartered in New Orleans, Louisiana, B&G specialises in providing fully operated and maintained 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’s primary market consists of petrochemical, refining and industrial customers within a 150 mile radius of the company’s New Orleans and Baton Rouge facilities.

B&G was founded in 1946 by Xavier J. Grilletta Sr. His son, Xavier J. Grilletta Jr., has been chief executive since 2007 and has worked for B&G for more than 32 years. The Grilletta family and members of management will continue to be meaningful shareholders in B&G in partnership with Sterling.

"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," says Grilletta, who will remain chief executive of B&G.

"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," says Kent Wallace, a partner of The Sterling Group. "B&G has significant growth opportunities both in its core Louisiana market and in the Texas Gulf Coast and Mississippi Gulf Coast markets."

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