Utility One Source Announces Partnership with TNT Equipment
July 23 2015 - 9:00AM
Business Wire
Utility One Source (“UOS”) today announced a partnership with
TNT Equipment, a leading provider of specialty equipment and
services to the hi-rail and utility industries. Based in
Cinnaminson, New Jersey, TNT will remain a family-owned and
operated business led by the Reilly family, who will continue to
manage and to grow the business as part of Utility One Source.
Utility One Source, founded by private equity funds managed by
Blackstone earlier this year, is a single-source supplier for the
utility and heavy equipment industries with a focus on sales,
rental, equipment customization, remanufacturing and installation,
and aftermarket services.
“I am delighted to welcome TNT aboard,” said Utility One Source
Chairman Chris Ragot. “TNT is a great fit with our growth strategy
and we are excited to expand our geographic footprint to the
Northeast, as well as to increase our product offerings to
include hi-rail. This addition to the Utility One Source family
demonstrates our continued commitment to becoming the leading
provider of solutions to the heavy equipment and utility
industries.”
TNT’s president, Tom Reilly III, said, “We are thrilled to join
Utility One Source. We are excited about the opportunity to be a
part of Utility One Source’s growth and contribute our expertise in
hi-rail and utility equipment on which TNT has built its
reputation.”
The addition of TNT Equipment marks the fifth acquisition under
the Utility One Source brand since its formation in February 2015,
and is validation of its pledge to build a nation-wide footprint
and a comprehensive breadth of product offerings. Funds managed by
Blackstone will continue to provide significant growth capital for
additional investment in equipment, innovation and an expanded
geographic footprint, which will ensure Utility One Source has the
customer-focused solutions that the industry requires.
About TNT Equipment
TNT Equipment specializes in the design, remanufacturing, and
customization of hi-rail and utility solutions to improve the
versatility of their machinery and advance equipment standards in
the industry. They offer a diverse selection of Bucket Trucks,
Digger Derricks, Cranes, Grapples, Lifts and Trailers, and
more.
About Utility One Source
Utility One Source is comprised of five family-owned and
operated businesses: Custom Truck & Equipment, Utility Fleet
Sales, Forestry Equipment of Virginia (FEVA), UCO Equipment, and
now TNT Equipment. The partnership, with a combined 17 locations
nationwide will collectively offer sales, rentals, parts and
aftermarket services, remanufacturing, customized equipment and
transportation. Utility One Source will build upon the market
positions of each company, while serving as a single source
supplier for the utility and heavy equipment industries.
About Blackstone
Blackstone Energy Partners is Blackstone’s energy-focused
private equity business, with a successful record built on
Blackstone’s industry expertise and partnerships with exceptional
management teams. Blackstone has invested over $8 billion of equity
globally across a broad range of sectors within the energy
industry.
Blackstone is one of the world’s leading investment firms. We
seek to create positive economic impact and long-term value for our
investors, the companies we invest in, and the communities in which
we work. We do this by using extraordinary people and flexible
capital to help companies solve problems. Our asset management
businesses, with over $330 billion in assets under management,
include investment vehicles focused on private equity, real estate,
public debt and equity, non-investment grade credit, real assets,
and secondary funds, all on a global basis. Blackstone also
provides various financial advisory services, including financial
and strategic advisory, restructuring and reorganization advisory,
and fund placement services. Further information is available at
http://www.blackstone.com/. Follow us on Twitter @Blackstone.
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BlackstoneLiza Rauch, (212)
583-5263Liza.Rauch@Blackstone.com
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