Industrial Hoist Services Acquires Two Companies

July 10, 2006
Industrial Hoist Services, a leading provider of hoisting, rigging and winching equipment for rental, sale or service, last week announced the simultaneous acquisitions of two Louisiana-based industrial equipment companies

Industrial Hoist Services, a leading provider of hoisting, rigging and winching equipment for rental, sale or service, last week announced the simultaneous acquisitions of two Louisiana-based industrial equipment companies: B&H Air Tools LLC, Baton Rouge, La., and Port Rentals of New Iberia, La.

With the acquisitions, Industrial Hoist — whose customers include power plants, refineries and shipyards nationwide — deepens its product line, extends its geographic coverage and reaches new industry segments, including offshore petrochemical markets.

B&H was founded in 1972 and specializes in industrial equipment rentals, sales and servicing to petrochemical refineries, and the offshore drilling and shipbuilding industries. In addition to hoists, winches and rigging, the company rents, sells and repairs pneumatic, electric and hydraulic tools, as well as lifting and handling equipment and accessories typically used for construction projects, plant turnarounds and manufacturing plants.

Port Rentals is a four-year-old company that provides rental equipment, maintenance and repairs as well as dive-related equipment for underwater use. “It is our goal to be the single resource for the lifting and tugging needs of a broad range of large industrial users for such applications as plant shutdowns, routine repair and maintenance, new construction and safety inspection work,” said Industrial Hoist Services CEO Kevin Rodgers. “B&H Air Tools and Port Rentals are well-known niche companies whose product lines both overlap and complement those of Industrial Hoist. We now have the nation’s most extensive fleet of hoists, winches and related rigging equipment and have expanded our offering into air tools and many other types of equipment needed by the industries we serve.”

The newly acquired companies’ locations near the Gulf of Mexico give Industrial Hoist a stronger presence in the region, paving the way for greater involvement in the offshore drilling and related petrochemical industries.

Rodgers said B&H Air Tools and Port Rentals will operate for the foreseeable future under their current names as separate divisions of IHS, and all management and employees will remain with their respective companies.

The B&H Air Tools management team includes company founder Grady Bullock Sr.; David Nault, operations manager; Joe Davis, sales manager; Grady Bullock Jr., outside sales and Cliff Bullock, purchasing manager. Port Rentals is run by Neecie Falgout and Scott Guidry.

Rodgers added that the two acquired companies combined for about $12 million in revenue over the past 12 months, which will take Industrial Hoist to about $30 million. Same-store revenues, for the first five months of 2006, are up 50 percent over the same period in 2005, Rodgers said.

IHS is owned by a combination of management and Prospect Partners, a Chicago-based private equity firm managing two funds totaling $270 million. Rodgers said the company will continue to seek acquisitions of companies involved in the rental and sales of industrial lifting equipment.