LOS ANGELES, CA - (August 01, 2016) - Platinum
Equity announced today it has completed the sale of Maxim Crane Works
("Maxim") to funds managed by affiliates of Apollo Global Management,
LLC. Financial terms of the transaction were not disclosed.
is a leading provider of specialized crane and lifting solutions
throughout North America. Founded in 1966, the company serves more than
7,500 customers via a network of 31 locations throughout the United
"We are proud of the way Maxim grew and evolved under our
ownership," said Platinum Equity Partner Louis Samson. "The company's
success is a testament to our strong partnership with the management
team and the commitment of Maxim's employees throughout North America.
Today the company is well positioned to continue serving as an industry
leader for many years to come."
Maxim CEO Bryan Carlisle praised Platinum's support.
was an exceptional partner that provided the financial and operational
resources we needed to execute our strategic plans," said Mr. Carlisle.
"We appreciate all of their contributions and are excited about the
future as we transition to new ownership."
M&A and operations teams worked closely with Maxim over the years to
improve fundamental business operations, modernize and diversify the
company's fleet, and expand its geographic reach both organically and
through add-on acquisitions. Maxim completed two strategic acquisitions
last year, acquiring both Crane Rental Corporation and Poindexter Crane
Services in May 2015.
Goldman, Sachs & Co. served as financial
advisor to Platinum Equity and Latham & Watkins LLP served as
Platinum Equity's legal advisor.
About Platinum Equity
in 1995 by Tom Gores, Platinum Equity is a global investment firm with a
portfolio of approximately 25 operating companies that serve customers
around the world. Platinum Equity specializes in mergers and operations
-- a trademarked strategy it calls M&A&O® -- acquiring and
operating companies in a broad range of business markets, including
manufacturing, distribution, transportation and logistics, equipment
rental, metals services, media and entertainment, technology,
telecommunications and other industries. Over the past 20 years,
Platinum Equity has completed more than 175 acquisitions.