Allegiance Crane & Equipment, a provider of crane and rigging services and a portfolio company of Prophet Equity, has acquired the assets of USA Mobile Crane. “The successful acquisition of USA Mobile Crane accomplishes multiple strategic objectives, including expanding our high quality customer and employee base as well as continuing to enlarge our fleet, diversifying our customer and service offerings and extending our geographic reach and facility base,” said Ross Gatlin, CEO and Managing Partner of Prophet Equity.
USA Mobile Crane is a provider of mobile cranes (60 – 225 tons in capacity) and trucks, trailers and other assets. The company has branch locations in San Antonio and Carrizo Springs, TX (no website found).
Allegiance Crane & Equipment was formed in August 2010 to purchase assets from Gulfstream Crane. Allegiance operates an equipment fleet comprised of over 100 cranes and hoists and a supporting fleet of trucks, trailers and other assets. The crane fleet (ranging from 20 – 600 tons in capacity) includes mobile cranes, crawler cranes and tower cranes. These assets are utilized to provide services to customers in a variety of markets including the oil and gas, petrochemical, refining, marine, power and the commercial and infrastructure construction industries. The company is based in Pompano Beach, FL (www.allegiancecrane.com).
“The continued strong financial performance and industry leading balance sheet of the Allegiance platform, combined with the backing of Prophet Equity, have allowed us to create and expand a uniquely flexible credit facility, enabling acquisitions of strategic add-ons and equipment wherever necessary for our growing business”, said Pelham Smith, Managing Director of Allegiance.
Prophet Equity makes control investments in strategically strong, asset-intensive, underperforming companies in the lower and middle market. The firm seeks to make equity investments of $5 million to $50 million in companies with annual revenues of up to $500 million and enterprise values of $10 million to $250 million. Sectors of interest include financial services; healthcare; manufacturing; natural resources and energy; technology related; automotive & transportation; business and consumer services; consumer products; defense & aerospace; and distribution. The firm is located in Southlake, TX (www.prophetequity.com).
© 2012 PEPD • Private Equity’s Leading News Magazine • 9-11-12