Platinum Equity
Mergers. Acquisitions. Operations.
 

Mergers. Acquisitions. Operations.

Maxim Crane Works Acquires Crane Rental Corporation

Press Release · May 22, 2015

Equipment Rental & Service

Pittsburgh, PA -- May 22, 2015 -- Maxim Crane Works announced today it has acquired Orlando, Fla.-based Crane Rental Corporation, a provider of heavy hauling, specialized rigging and crane services in the Southeast United States. Financial terms of the transaction were not disclosed.

CRC provides operated and bare crane, rigging and lifting services from three locations in Florida and one in Alabama. The company's fleet includes primarily Crawler, Rough Terrain, All Terrain, fleet platform trailers, dual lane trailers, hydraulic gantry's, Tower and Truck Operated crane equipment.

Maxim CEO Bryan Carlisle said the CRC acquisition is a strategic move designed to expand Maxim's footprint in the Southeast and facilitate continued growth in the region.

"Acquiring a high-quality crane rental outfit like Crane Rental Corporation will help accelerate our expansion in the Southeastern United States, strengthen our team and add new equipment to our fleet," said Carlisle. "CRC is also a great fit for Maxim culturally, sharing our deeply held commitment to safety and service."

Alan Ashlock, President of CRC said the combination is a great fit.

"We are excited to become part of the great team at Maxim. Our relationship with the Maxim management team goes back more than 20 years, " said Ashlock. "We look forward to our heavy hauling, rigging and crane assets, and especially our experienced workforce, joining forces with Maxim to continue to provide services nationwide."

The transaction marks the second acquisition Maxim has completed in the last 30 days. On May 15, Maxim announced the acquisition of assets from Indianapolis, Ind.-based Poindexter Transport Inc. and Crane Service ("Poindexter").

Maxim is a portfolio company of Platinum Equity. Louis Samson, the Platinum Equity partner that led the acquisition of Maxim in 2008, said there are many more opportunities for Maxim and the company is poised for additional expansion.

"The industry remains highly fragmented and Maxim is a tremendous platform for additional growth," explained Samson. "Maxim has strong leadership, national reach, a great reputation and the capacity for seamlessly integrating new people and equipment into its existing footprint. The company has great momentum and there are many more opportunities to pursue."

Frank Bardonaro, President of Sales and Business Development for Maxim added, "Maxim has a great history and relationship with Alan and his team at CRC. They are proven operators across many key regions and equipment sectors, such as the heavy haul and rigging, that are great complements to Maxim's operations," said Bardonaro. "The CRC/Maxim team of specialists will now work together to provide our customers with the most comprehensive full service products available."

Carlisle noted the Poindexter and CRC integrations should be seamless given Maxim's track record of growth through acquisition over many years.

"Maxim has a long history of acquiring and successfully integrating regional crane rental operations, dating all the way back to 1937," said Carlisle. "We look for best-in-class companies with complementary fleets and team members who share our passion for the business. The new additions to our team continue that tradition."

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.

Investor Relations
and Media Contacts:

Mark Barnhill
Partner
+1 310.228.9514 E-mail Mark

Dan Whelan
Principal
+1 310.282.9202 E-mail Dan

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