Crane 1 Services, a portfolio company of Pfingsten Partners since October 2015, has acquired Materials Handling Solutions (MHS), a provider of overhead crane services and equipment.
MHS services include inspections, maintenance, repair, design and installation of new and refurbished equipment and parts for overhead cranes and related material handling equipment. The company, led by President Jack Hinsdale, is headquartered in Duncan, SC (www.mhs-llc.com).
“Together with Crane 1, we will be able to better serve our combined customer base with additional resources, broader service and equipment capabilities and enhanced geographic coverage,” said Mr. Hinsdale. “We are excited to join the Crane 1 team and look forward to working together to rapidly grow the overall company.”
Crane 1 provides services and equipment for industrial and commercial users of new and refurbished overhead cranes and hoists. The company’s services include inspections, maintenance, repair, design and installation. Crane 1 was founded in January 2007 and is headquartered near Dayton in Miamisburg, OH (www.crane1services.com).
“Crane 1 has been looking to expand its footprint in the Southeast to better meet the needs of key customers,” said Denio Bolzan, a managing director at Pfingsten. “MHS’s reputation for service excellence, best-in-class manufacturing and strategic location made it the ideal fit for the Crane 1 platform.”
“We are thrilled to add MHS to the Crane 1 family,” said Bob Vevoda, President and CEO of Crane 1. “The acquisition of MHS is another critical step for Crane 1 in building a leading, independent technical field service company focused on providing exceptional service quality and equipment uptime for our customers.”
The buy of MHS is the fourth add-on acquisition completed by Pfingsten since it acquired Crane 1 in October 2015. The three earlier add-ons were the January 2017 buy of Monroe, OH-based Crane Service & Inspections, a provider of overhead crane and below the hook lifting device services and equipment; the July 2018 buy of Houston, TX-based Absolute Crane, a provider of inspections, maintenance, repair, design and installation of new and refurbished equipment and parts for overhead cranes; and the September 2018 buy of Canton, MI-based Mt. Clemens Crane & Service, a provider of overhead crane services and equipment.
Pfingsten invests in middle-market manufacturing, distribution and business services companies that have transaction values ranging from $15 million to $100 million, revenues from $20 million to $150 million, and EBITDA between $3 million and $12 million. Since completing its first investment in 1991, Pfingsten has acquired 137 such companies through five funds with total commitments of $1.3 billion. The firm is based in Chicago with representative offices in India and China (www.pfingsten.com).
© 2019 Private Equity Professional | June 27, 2019