Crane 1 Services, a portfolio company of Pfingsten Partners, has acquired Mt. Clemens Crane & Service, a provider of overhead crane services and equipment.
Mt. Clemens Crane manufactures a wide range of cranes including overhead bridge cranes, fabricated girders, runways, jib cranes and gantry cranes. The company’s services include inspections, maintenance, repair, design and installation of new and refurbished equipment and parts for overhead cranes.
Mt. Clemens Crane was founded in 1973 and is headquartered northeast of Detroit in Harrison Township, MI with an additional service location west of Detroit in Canton, MI (www.mccrane.com).
Crane 1 provides services and equipment for industrial and commercial users of overhead cranes and hoists. The company’s services include inspections, maintenance, repair, design and installation. Crane 1, led by CEO Bob Vevoda, was founded in January 2007 and is headquartered near Dayton in Miamisburg, OH (www.crane1.com).
“We are extremely excited to add Mt. Clemens to the Crane 1 platform,” said Mr. Vevoda. “The acquisition provides Crane 1 with a best-in-class, in-house manufacturing capability in addition to a meaningful service presence in the Michigan market. We plan to leverage Mt. Clemens’ high-quality manufacturing capabilities to better service Crane 1’s customers on a national basis.”
“Mt. Clemens’ reputation for high-quality manufacturing, rapid service response and integrity made it a natural fit for the Crane 1 platform,” said Ryan Lavelle, Vice President at Pfingsten. “This acquisition is another critical step in our strategic plan to build the leading national, independent technical field service company focused on the overhead crane industry.”
The buy of Mt. Clemens Crane is the third add-on acquisition completed by Pfingsten since it acquired Crane 1 in October 2015. In January 2017 the company acquired Monroe, OH-based Crane Service & Inspections, a provider of overhead crane and below the hook lifting device services and equipment; and in July 2018 it acquired Houston, TX-based Absolute Crane, a provider of inspections, maintenance, repair, design and installation of new and refurbished equipment and parts for overhead cranes.
Charles Albright IV, the former owner of Mt. Clemens Crane, will continue with Crane 1 as General Manager of New Equipment Operations. “We are very excited about our future as a new member of the Crane 1 team as we explore synergies and growth potential,” said Mr. Albright. “The acquisition not only provides access to Southeastern Michigan’s largest crane service provider, but will also allow the Crane 1 platform to leverage Mt. Clemens’ proven manufacturing capabilities nationally.”
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 founding in 1989, Pfingsten has acquired 126 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).
© 2018 Private Equity Professional | September 24, 2018
