Utility One Source Announces Partnership with TNT Equipment
Kansas City, Missouri and Cinnaminson, New Jersey, July 23rd, 2015. 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.
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 www.blackstone.com. Follow us on Twitter @Blackstone.
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