Delta Rigging & Tools, among the largest providers of rentals and sales of rigging and lifting services, has acquired Morgan City Rentals, and offshore equipment services company. Delta Rigging & Tools is backed by Austin Ventures. The announcement was made by Southwest Securities.
Southwest Securities acted as financial advisor to Morgan City.
Morgan City, which operates mainly in the Gulf of Mexico, offers services such as offshore rental of rigging equipment, wire rope rentals and sales, synthetic web sling sales and manufacturing, and testing.
The buyout expands the reach of both companies, making them among the leading offshore and rigging provider in the Louisiana gulf coast area. All of Morgan City Rental's senior management team will be retained.
"Austin Ventures has worked with talented entrepreneurs to build valuable companies for over 30 years," said AV in a press release. Austin Ventures have invested in early stage companies in the past.
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