Private Equity Firm Acquires Northern Crane Services

Oct. 16, 2006
Northwest Capital Appreciation, a private equity firm based in Seattle, last week said it acquired Edmonton, Alberta-based Northern Crane Services for about $60 million. The company said the majority of the capital came from Canadian institutional investors.

Northwest Capital Appreciation, a private equity firm based in Seattle, last week said it acquired Edmonton, Alberta-based Northern Crane Services for about $60 million. The company said the majority of the capital came from Canadian institutional investors.

Northern Crane, founded in 1987, has more than 75 mobile cranes used in the oil and gas exploration and production industry in Fort McMurray and Edmonton, Alberta.

Northern Crane president and CEO Leo Davis will remain in charge of the company’s management, which acquired a significant stake in the company. Founder Gordon Gill will remain on the company’s board. The acquisition will allow the company to expand its fleet, officials said.

Northwest Capital Appreciation has made more than $225 million in equity investments and made more than 55 acquisitions since its founding in 1992.