Crane 1 Services, a portfolio company of Pfingsten Partners, has acquired Crane Service & Inspections, a provider of both services and equipment for overhead cranes and below the hook lifting devices. This is Crane 1’s first add-on acquisition since Pfingsten acquired the company in October 2015.
Crane Service & Inspections (CSI) provides inspections, maintenance, repair, design and installation of new and refurbished equipment and parts for overhead cranes and below the hook lifting devices (pieces of equipment such as vacuum lifters, magnets, and grapples that provide a connection point between the crane and the load being lifted). CSI is headquartered north of Cincinnati in Monroe, OH with an additional service facility in Memphis (www.csicraneservice.com).
Crane 1 Services provides inspection, maintenance and equipment for industrial and commercial users of overhead cranes and hoists. Services include preventative maintenance, emergency breakdown response, modernization and upgrades. The company also provides new hoist and crane components used in a variety of applications including extreme duty and hazardous environments. New crane systems can include light “workstation” cranes to engineered crane systems with ½ to 100 ton capacity. Crane 1 was founded in January 2007 and is headquartered north of Cincinnati in Franklin, OH (www.crane1services.com).
“The addition of CSI to Crane 1 strengthens our geographic presence in the Midwest and South, and allows us to provide a broader service offering to our customers,” said Bob Vevoda, President and CEO of Crane 1. “CSI’s expertise in below the hook lifting devices will complement our existing portfolio of services and better position Crane 1 in the industry as a ‘one stop shop’ for industrial maintenance and repair needs.”
The buy of CSI is part of Pfingsten’s strategy to create a national technical field service company focused on the overhead crane and related equipment industry. “The acquisition of CSI is an important step in our strategy to create a national service organization focused on providing operational uptime, regulatory compliance and ultimately a better customer experience,” said Scott Finegan, Managing Director at Pfingsten. “We will continue to focus on strategic add-on acquisitions that bolster Crane 1’s service capabilities and geographic coverage to better serve the industry.”
Pfingsten Partners invests in middle market manufacturing, distribution and business services companies that have transaction values ranging from $15 million to $100 million and EBITDA between $3 million and $12 million. Since founding in 1989, Pfingsten has acquired 115 such companies through five funds with total commitments of $1.3 billion. The firm is based in Chicago with additional representative offices in India and China (www.pfingsten.com).
© 2017 Private Equity Professional | February 1, 2017
