Austin Ventures Buys Delta Rigging & Tools

Austin-based venture capital firm Austin Ventures said Tuesday that it has acquired Delta Rigging & Tools. Financial terms of the deal were not disclosed. Delta Rigging & Tools, which is based in Lake Jackson, provides lifting equipment, including hoists, winches, wire rope, and more along with testing, inspection, and field services. Austin Ventures said that Joe Aragona and Scott Donaldson have joined Delta Rigging's board of directors. The firm said the deal closed August 4th. In conjunction with the deal, CIT Energy, a division of The CIT Group, and Madison Capital Funding to will also provide equity and debt to Delta to fund its business.