crane services

Trive Capital Buys Circle 8

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Trive Capital has recapitalized Circle 8 Crane Services, a provider of operated and maintained crane lifting services to the oil and gas, commercial, and industrial markets.

Circle 8 owns and operates one of the largest fleets of mobile and all terrain cranes in the territories it serves, as well as a fleet of auxiliary vehicles & equipment including high pressure test pumps, rigging trucks, floats, stepdecks, gooseneck trailers, personnel and material baskets. The company was founded in 2007 by brothers, Phillip and Allen Bryson in 2007, and has locations throughout South Texas; West Texas; Houston; East Texas/Louisiana; and Oklahoma. Circle 8 is headquartered in Corpus Christi (www.circle8services.com).
Trive Capital invests from $10 million to $60 million in North America headquartered companies with revenues of $30 million to $500 million. Sectors of interest include automotive & transportation; aerospace & defense; building products; construction & infrastructure; consumer goods; energy services; healthcare; manufacturing and industrials; chemicals; distribution; business & professional services; and communications. The firm was founded in 2012 by Conner Searcy, Managing Partner, and Chris Zugaro, Partner. Trive Capital is based in Dallas (www.trivecapital.com).

Founders Investment Banking, with offices in Birmingham, AL and Irving, TX (www.foundersib.com) was the financial advisor to Circle 8 Crane Services on this transaction. Duane Donner, Managing Partner, and Joe Brady, Director, led the deal team for Founders.

“On behalf of our employees, shareholders, and the Bryson family, we are excited to have a new partner in Trive Capital.  Founders’ knowledge and experience in our sector was crucial in helping us to source and select the right partner to support the growth of Circle 8. The team did an outstanding job negotiating the deal, leading us throughout the process and getting the transaction closed,” said Phillip Bryson.  “We found the right solution and partner and we are excited about the future for Circle 8 as this recapitalization provides the company with additional capital to fuel future growth.”

© 2017 Private Equity Professional | February 10, 2017

Pfingsten Expands in Crane Services

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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