Austin Ventures Has Acquired Delta Rigging & Tools.Provider of Lifting Products and Services AUSTIN, Texas -- Austin Ventures ("AV") and Delta Rigging rigging, the wires, ropes, and chains employed to support and operate the masts, yards, booms, and sails of a vessel. Standing rigging is semipermanent, consisting mainly of mast supports, the fore-and-aft stays, and the stays running from the masthead to each side & Tools ("Delta") today announced Austin Ventures' acquisition of Delta Rigging & Tools. The transaction closed on August 4, 2008 and financial terms were undisclosed. AV investment professionals Joe Aragona and Scott Donaldson will join Delta's board of directors. "We are extremely excited about our investment in Delta Rigging & Tools, given its outstanding management team, strong track record of growth and profitability, and exceptional customer base," said Aragona, a General Partner with AV. Delta, headquartered in Lake Jackson, Texas Lake Jackson is a city in Brazoria County, Texas within the Houston–Sugar Land–Baytown Metropolitan Area. As of a 2004 U.S. Census Bureau estimate, the city population was 27,022. , is the largest, one-stop provider of lifting products and services within the large and fragmented domestic lifting equipment and rigging industry. Delta offers a complete portfolio of lifting solutions, including hoists, winches, wire rope wire rope n. Rope made of twisted strands of wire. , synthetic slings, accessory accessory, in criminal law, a person who, though not present at the commission of a crime, becomes a participator in the crime either before or after the fact of commission. parts, and hardware as well as testing, inspection, and field services. Delta serves a national footprint of customers and end markets with particular strength in various energy applications throughout the Gulf Coast of Texas and Louisiana. Over the last three years, Delta has successfully executed a strategy of acquiring and integrating regional market leaders to create a scalable, industry-leading platform. Delta is well positioned to pursue further growth initiatives through strategic acquisitions, geographic expansion, existing and new customer relationships, and additional product and service offerings. AV and Delta's management team have partnered with CIT n. 1. A citizen; an inhabitant of a city; a pert townsman; - used contemptuously. Which past endurance sting the tender cit. - Emerson. Energy, a division of The CIT Group, and Madison Capital Funding to provide the equity and debt capital necessary to support Delta's continued growth and success. "This transaction is excellent news for Delta's customers and employees," said Kevin Rodgers, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Delta. "In addition to realizing value for Delta's current shareholders, the company gains an outstanding partner with whom we can confidently and aggressively pursue our growth strategies. AV has a solid track record of partnering with management teams and industry-leading financial partners to create value in their portfolio companies." About Austin Ventures Austin Ventures has been working with talented entrepreneurs to build valuable companies since 1979. With $3 billion under management, AV is the most active venture and growth equity firm in Texas, and one of the most established in the nation. With a focus on business services, information services See Information Systems. , integrated media, computer and communications hardware, enterprise software and special situations, Austin Ventures invests at all stages of company development, from $100,000 "planned experiments" to $50+ million investments in management buyouts Management buyout (MBO) Leveraged buyout whereby the acquiring group is led by the firm's management. management buyout See going private. . Visit www.austinventures.com for more information. |
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