|
Press Release:
06/24/2009
Pittsburgh, PA (June 24, 2009) – MAXIM CRANE WORKS, L.P. ("Maxim") today
announced that it has acquired a fleet of large crawler cranes and certain related assets
from Barnhart Crane and Rigging ("Barnhart") pursuant to an asset purchase
agreement. Financial terms of the transaction were not disclosed. Maxim is owned by
Platinum Equity.
"Acquiring these assets further strengthens Maxim's capabilities and adds to an
investment of over $60 million made in the last 18 months to expand our fleet of 230- to
300-ton sized crawlers," said Art Innamorato, Maxim's Chief Executive Officer. "The
acquisition solidifies our position as the premier service provider in this segment and
demonstrates Maxim and Platinum Equity's commitment to growth."
Barnhart President Alan Barnhart praised Platinum and Maxim as good partners.
"It's obvious Platinum Equity is taking a long-term, hands-on approach to helping
Maxim grow the business and fortify its position," explained Mr. Barnhart. "They are
very capable business people with a good sense about the industry."
Mr. Barnhart said that selling the assets to Maxim "completes the fleet alignment
following our 2008 acquisition of SG Marino Crane Service Corporation."
Louis Samson, the Platinum Equity principal who led the firm's acquisition of Maxim in
2008 and has been working with Maxim on its mergers and acquisitions strategy, said
today's announcement "represents another step forward in Platinum Equity's strategy to
support Maxim's acquisition program and play a leading role in the consolidation of the
industry."
Mr. Samson said the transaction also strengthened Maxim's relationship with Barnhart,
"an organization for which we have the utmost respect."
"We tailored the transaction to meet Barnhart's plan and concentrated on certain asset
and tonnage classes in which Maxim is focused on growing quickly," Mr. Samson said.
"I would not be surprised to see us pursue other similarly structured transactions in the
future."
About Maxim Crane:
Maxim Crane, the nation's leading coast- to-coast, full-service crane rental and lift service company,
currently operates over 35 branch offices across the United States. Maxim Crane specializes in the
provision of cranes services, cranes and other ancillary equipment. With Maxim's expansive resource
network, each branch has the capability to provide management, rigging engineering and outsourcing,
making Maxim Crane's product and service offerings the most comprehensive in the industry. More
information about Maxim Crane can be found on the company's website at www.maximcrane.com.
About Barnhart Crane and Rigging:
Barnhart Crane and Rigging, established in 1969, is a leading national supplier of lifting and
transportation solutions. The company, with 20 branches across the United State, also provides logistics,
machinery moving and plant relocations. Barnhart Crane and Rigging is an ISO 9001-2000 certified
company. More information about Barnhart Crane and Rigging can be found on the company's website at
www.barnhartcrane.com.
About Platinum Equity:
Platinum Equity (www.platinumequity.com) is a global M&A&O® firm specializing in the merger,
acquisition and operation of companies that provide services and solutions to customers in a broad range of
business markets, including information technology, telecommunications, logistics, metals services,
manufacturing and distribution. Since its founding in 1995 by Tom Gores, Platinum Equity has completed
nearly 100 acquisitions with more than $27.5 billion in aggregate annual revenue at the time of
acquisition.
|
