President Alan Ashlock said: “We just agreed to purchase one of the largest production built cranes in the world, the Manitowoc 31000. 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.”
Crane Rental has joined up with private equity firm Hammond, Kennedy, Whitney & Co. Debt financing was provided by PNC Financial Services Group and Babson Capital, the mezzanine funding arm of MassMutual Financial Group. PCE Investment Bankers initiated the transaction and served as financial advisor. Details of the deal were not disclosed.
Under the current leadership of Alan Ashlock, son of founder Pete Ashlock, Crane Rental has expanded beyond serving the southeast market. By recapitalizing, Crane Rental has even greater financial resources to excel as an industry leader, said PCE.
“The shareholders of Crane Rental had very specific goals as we entered this process,” Ashlock said. “We had been approached by numerous investors and suitors in the past and none were the right fit. PCE’s process enabled us to evaluate different alternatives and decide on the right path for not only the shareholders, but the employees and customers of Crane Rental as well, all of this being done in the midst of a challenging economic environment and tight credit markets.”
HKW’s investments in the equipment rental sector include NESCO and Airworx Construction Equipment and Supply. Power and energy sector investments include Total Equipment and Service, S.A. Robotics, C&J Spec-Rent Services and the recent acquisition of Contract Land Staff.
