Clearlake Capital Group has completed its acquisition of AmQuip from an investor group including Altpoint Capital Partners.
AmQuip is engaged in renting cranes and providing maintenance services, consultation services, and setup and logistics support, to its customers in the energy and industrials sectors. The company owns a fleet of approximately 500 cranes with lifting capacities ranging from six to 716 tons. AmQuip serves 6,600 national, regional and local customers through a network of 13 branch locations serving 36 states. The company was founded in 1967 and is based in Trevose, PA (www.amquip.com).
“AmQuip’s strong focus on safety, customer service, and attracting, developing, and retaining skilled employees has positioned it as a leader in the crane rental space” said José Feliciano, Founding Partner at Clearlake. “We are excited to partner with the company’s outstanding executive and professional team to grow AmQuip as a platform for industry consolidation, both organically and through acquisitions.”
Clearlake invests in special situations such as corporate divestitures, recapitalizations, buyouts, restructurings, turnarounds and minority equity investments. Sectors of interest include business services; communication; consumer products and retail; defense and public safety; energy and power; healthcare; industrials; media; software and technology. Clearlake currently manages approximately $1.4 billion of equity capital. The firm was founded in 2006 and is headquartered in New York (www.clearlakecapital.com).
“We are excited to partner with Clearlake, which boasts a successful track record of backing, supporting and growing companies that provide services to the energy and industrial end markets,” said Albert Bove, Chief Executive Officer of AmQuip. “Clearlake’s operational expertise and financial resources will help solidify AmQuip’s position as a leading North American lifting solutions provider.”
Clearlake’s acquisition of AmQuip was supported by a financing group led by Wells Fargo Capital Finance as Administrative Agent and Joint Lead Arranger; PNC Bank and CIT Bank as Joint Lead Arrangers; and Capital One.
AmQuip and the selling shareholder group were advised by Oppenheimer & Co. as lead financial advisor and by RBC Capital Markets.
Altpoint Capital Partners invests in companies operating in the energy, telecommunications, industrials and business services sectors. The firm is based in New York (www.altpoint.com).
2014 PEPD • Private Equity’s Leading News Magazine • 10-8-14
