Maxim acquires Tri-State Crane11 July 2018 by Sotiris Kanaris
Maxim Crane Works announced today it has acquired the assets of Cincinnati based Tri-State Crane. Financial terms of the transaction were not disclosed.
Maxim CEO Bryan Carlisle said the acquisition is a strategic move designed to expand Maxim's existing Cincinnati tri-state (Ohio, Kentucky, and Indiana) area operations and facilitate continued growth in the region.
"Kathy and Paul have built a great company with an outstanding reputation," said Carlisle. "We are confident that our ability to provide their customers with the additional resources and services that Maxim Crane has to offer will be a "win-win" for all parties involved."
Tri-State's crane services division was established in 1997. Their full-service capabilities include hauling, storage, rigging and specialized lifting solutions.
"We have known the Maxim team for over 35 years and we have always had a great working relationship,” said Kathy and Paul Pitzer, owners of Tri-State Crane. "My father and I both worked for the original Carlisle Company. We feel that the additional resources and nation-wide services that Maxim offers will provide the best opportunities for long-term growth and success," Paul added.
“The Tri-State Crane acquisition is an excellent strategic move that adds more young assets to Maxim’s fleet and seamlessly integrates into the company’s existing footprint,” said Ed Peng, principal for Apollo Global Management and member of the Maxim Crane Board of Directors. “We know there are many other regional players that could be a good fit as well and we are pursuing those opportunities to help grow and expand the business.”
"The Tri-State crane acquisition will provide our customers in the region with state-of-the-art equipment and expanded resources,” said Frank Bardonaro, COO for Maxim. “It sends a strong message that we value their business and are committed to serving all of their lifting needs.”