Barnhart president Alan Barnhart said, “It’s obvious [Maxim investor] Platinum Equity is taking a long-term, hands-on approach to helping Maxim grow the business and fortify its position,” explained Barnhart. “They are very capable business people with a good sense about the industry.”
Barnhart said that selling the assets to Maxim “completes the fleet alignment following our 2008 acquisition of SG Marino Crane Service Corporation.” Barnhart confirmed the deal was for the purchase of 13 crawlers; Barnhart Crane retains 23 crawlers and over 200 mobile cranes.
“Acquiring these assets further strengthens Maxim’s capabilities and adds to an investment of over USD60m made in the last 18 months to expand our fleet of 230USt–300USt 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.”
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.”
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,” Samson said. “I would not be surprised to see us pursue other similarly structured transactions in the future.”
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Updated at 13:00 GMT, 25 June, to add deal specifics
