Transaction Strengthens Maxim's Midwestern Presence as Company Pursues Growth in Market Ripe with Add-On Opportunities
PITTSBURGH–May 15, 2015 – Maxim Crane Works announced today it has acquired Indianapolis, Ind.-based Poindexter Transportation, Inc.'s crane services division. Financial terms of the transaction were not disclosed.
Maxim CEO Bryan Carlisle said the acquisition is a strategic move designed to expand Maxim's existing Indiana operations and facilitate continued growth in the region.
“Acquiring Poindexter's crane services division will help further strengthen our foothold in the Midwest,” said Carlisle. “The addition of high-quality resources and equipment to our current operations will improve our ability to serve existing customers and strengthen our ability to attract new ones.”
Poindexter's crane services division was established in 1993 and has one of the newest fleets in Indiana with Rough Terrain, All-Terrain and Hydraulic truck cranes ranging from 22 ton to 350 ton capacity.
“We have known the Maxim team for over 25 years and we have always had a great working relationship,” said Ron Frick, Vice President of Poindexter Crane and Transport, Inc. “We believe that Maxim offers our crane services professionals the best opportunities for long-term growth and success.”
Maxim is a portfolio company of Platinum Equity. Louis Samson, the Platinum Equity partner that led the acquisition of Maxim in 2008, said further strategic add-on acquisitions are a high priority.
“The Poindexter acquisition is a smart strategic move that adds more young assets to Maxim's fleet and seamlessly integrates into the company's existing footprint,” said Samson. “We know there are many other regional players that could be a good fit as well and we are pursuing those opportunities to help grow and expand the business.”
Frank Bardonaro, Maxim's President of Sales and Business Development, said the Poindexter crane services add-on will be good for Maxim's customers.
“The Poindexter crane services acquisition will provide our customers in the region with more state-of-the-art equipment and expanded resources,” said Bardonaro. “It sends a strong message that we value their business and are committed to serving all of their lifting needs.”
About Maxim Crane Works, L.P.
Maxim Crane Works is the largest coast-to-coast provider of comprehensive lifting services in the United States. Maxim Crane Works has one of the largest, most modern fleets of mobile cranes in the world. Maxim Crane Works provides risk management, safety and insurance programs that are unparalleled in the industry. More information about Maxim Crane can be found on the Company's website at www.maximcrane.com.