The transaction provides AmQuip with the capital, operational oversight and other resources necessary to foster continuing organic and strategic growth, Bard said.
“Bard Capital brings a dimension of financial expertise and operational guidance that will take AmQuip to the next level, allowing us to better serve our customers,” said Frank Bardonaro, President of AmQuip. “Bard Capital and AmQuip have already established a great working relationship, with the successful acquisition of Shaughnessy Crane in Boston in March 2007.”
“Bard Capital is a family-oriented firm that works well with entrepreneurs and we only invest in a select group of companies and people that we believe in,” added Richard Bard. “Working together with our partners, we will provide AmQuip with the access to capital to support its continuing increase in market share, its developing nationwide Tower Crane business, and growth through selected acquisitions,” he continued.
“We are very excited about the opportunity to participate in this industry by acquiring an undisputed leader in the U.S. market,” stated Michael Carrazza, Managing Director of Bard Capital. “This deal is a fantastic accomplishment for Bard Capital, as it highlights our unique investment philosophy—one which entails building real investor value by pairing skillful middle-market private equity expertise with a willingness to actively provide hands-on operating experience alongside management where needed.”
Richard H. Bard, Chairman of Bard Capital, now serves as the new Chairman of AmQuip. Other investors in the transaction include Lehman Brothers and Joseph L. Wesley Sr., AmQuip’s founder and retiring CEO.
