Crane Rental Corp. Partners with Equity Firm to Fuel Growth

August 27, 2008 • Orlando, Fla.-based PCE Investment Bankers recently announced the recapitalization of Crane Rental Corp., a leading crane rental, hauling and rigging service. The partnership with Indianapolis, Ind.-based private equity firm Hammond, Kennedy, Whitney & Co. (HKW) will enable Crane Rental, a family-owned and operated business, to continue to expand and grow in response to increasing demand.

PCE Investment Bankers, a leading investment bank for middle market companies, initiated the transaction and served as financial adviser.

 

Orlando-based Crane Rental is a leading provider of equipment and services for projects requiring heavy lifting, rigging and hauling. Power plant construction and maintenance, industrial manufacturing, office buildings, theme parks and infrastructure development are among Crane Rental's clients. Crane Rental provides equipment and services to companies in the power, industrial and commercial construction sectors. The recent acquisition of two Manitowoc 18000s by Crane Rental has enhanced the company's capabilities.

 

Under the current leadership of Alan Ashlock, second generation family owner, Crane Rental has expanded beyond serving the Southeast market to become a nationally ranked company that focuses on safety, service and providing innovative equipment for complex projects.

 

“One of the most appealing aspects of a partnership with HKW is their reputation for assisting strong companies with their next level of growth while allowing existing leadership to continue in current roles,” said Ashlock. “It was important for us to be able to continue delivering the same quality service along with maintaining our exemplary safety standards.”

 

Ashlock observed that partnering with HKW will give Crane Rental the additional financial strength to aggressively fuel its growth and maintain its inventory of state-of-the-art equipment.

 

“We just agreed to purchase one of the largest production built cranes in the world, the Manitowoc 31000,” said Ashlock. “This will increase our ability to serve the power industry in all facets including the expected expansion into nuclear power. This piece of equipment is the largest purchase Crane Rental has ever made, with the price exceeding our capital expenditures for the last two years.”

 

HKW has made multiple investments in the equipment rental sector including the recent investments in NESCO and Airworx Construction Equipment and Supply. “Not all investors are created equal,” said PCE's Michael Rosendahl. “In addition to deep pockets, HKW brings experience and national relationships in the equipment rental and power generation industries. They're the perfect fit for Crane Rental and allowed the shareholders to take some chips off the table.”