Maxim Crane Works Acquires Cincinnati-based Tri-State Crane
Maxim Crane Works has acquired the assets of Cincinnati-based Tri-State Crane from owners Kathy and Paul Pitzer. Financial terms of the transaction were not disclosed. Maxim CEO Bryan Carlisle said the acquisition is a strategic move designed to expand Maxim’s existing tri-state area operations and facilitate continued growth in the region, including Ohio, Kentucky and Indiana.
“Kathy and Paul have built a great company with an outstanding reputation,” said Carlisle. “We are confident that our ability to provide their customers with the additional resources and services that Maxim Crane has to offer will be a ‘win-win’ for all parties involved.”
Tri-State’s crane services division was established in 1997. Its crane fleet includes all-terrain hydraulic truck cranes, boom trucks, lattice boom crawler cranes, rough-terrain cranes, truck-mounted hydraulic truck cranes, and more as well as warehousing and hauling services, rigging and specialized lifting solutions.
“We have known the Maxim team for over 35 years and we have always had a great working relationship,” said Kathy and Paul Pitzer.
“My father and I both worked for the original Carlisle Company,” added Paul Pitzer. “We feel that the additional resources and nationwide services that Maxim offers will provide the best opportunities for long-term growth and success.”
“The Tri-State Crane acquisition is an excellent strategic move that adds more young assets to Maxim’s fleet and seamlessly integrates into the company’s existing footprint,” said Ed Peng, principal for Apollo Global Management and member of the Maxim Crane board of directors. “We know there are many other regional players that could be a good fit as well and we are pursuing those opportunities to help grow and expand the business.”
“The Tri-State crane acquisition will provide our customers in the region with state-of-the-art equipment and expanded resources,” said Frank Bardonaro, chief operating officer for Maxim. “It sends a strong message that we value their business and are committed to serving all of their lifting needs.”
Founded in 1937, Maxim is one of the largest lifting solutions businesses in North America with a fleet of more than 2,500 cranes in about 50 branches. It offers operated and maintained cranes, bare rental cranes, heavy haul/rigging services and advisory services. Based in Newport, Ky., Maxim Crane Works is No. 5 on the RER 100.
