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.
Maxim 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 States.
"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.
"Platinum 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."
Platinum Equity's 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
Founded 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.