Maxim Crane Works last week acquired a fleet of large crawler cranes and certain related assets from Barnhart Crane and Rigging pursuant to an asset purchase agreement. Financial terms of the transaction were not disclosed.
Maxim Crane Works, North America’s largest crane rental company, is owned by Platinum Equity, which acquired the company in 2008. Platinum is planning to continue to invest in Maxim’s growth and expansion.
“Acquiring these assets further strengthens Maxim’s capabilities and adds to an investment of over $600 million made in the last 18 months to expand our fleet of 230- to 300-ton sized crawlers,” said Art Innamorato, Maxim CEO. “The acquisition solidifies our position as the premier service provider in this segment and demonstrates Maxim and Platinum Equity’s commitment to growth.”
Barnhart president Alan Barnhart praised Platinum and Maxim as good partners.
“It’s obvious Platinum Equity is taking a long-term, hands-on approach to helping Maxim grow the business and fortify its position,” said Barnhart. “They are very capable business people with a good sense about the industry.”
Barnhart said that the sale of assets to Maxim “completes the fleet alignment following our 2008 acquisition of SG Marino Crane Service Corporation.”
Louis Samson, the Platinum Equity principal who led the firm’s acquisition of Maxim in 2008 and has been working with Maxim on its mergers and acquisitions strategy, said today’s announcement “represents another step forward in Platinum Equity’s strategy to support Maxim’s acquisition program and play a leading role in the consolidation of the industry.”
Samson said additional deals in the future are likely. “We tailored the transaction to meet Barnhart’s plan and concentrated on certain asset and tonnage classes in which Maxim is focused on growing quickly,” he said. “I would not be surprised to see us pursue other similarly structured transactions in the future.”
Maxim Crane, based in Bridgeville, Pa., has more than 35 branches in the United States and specializes in crane rental and other ancillary equipment. It is No. 8 on the RER 100. Barnhart Crane & Rigging has 20 branches in the United States. Platinum Equity, based in Beverly Hills, Calif., is a private equity firm that has completed nearly 100 acquisitions with more than $27.5 billion in aggregate annual revenue at the time of acquisition.