Austin Ventures (AV) has acquired Delta Rigging & Tools (Delta). 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, is a 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, synthetic slings, accessory parts and hardware as well as testing, inspection, and field services. Delta serves a national footprint of customers and end user markets with particular strength in various energy applications throughout the Gulf Coast of Texas and Louisiana.
AV and Delta’s management team have partnered with CIT 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, Delta CEO.
Austin Ventures has been working with entrepreneurs to build companies since 1979, it said.
