From John Bush
Senior Reporter, Dayton Business Journal
August 18, 2021
A Dayton, Ohio company that employs hundreds of people across several states was acquired by a Southern California investment firm. The deal could bring the company more growth.
Crane 1, a Miamisburg-based provider of overhead crane maintenance, repair, and overhaul services and equipment, has been acquired by L Squared Capital Partners, a Newport Beach, Calif. Company that makes long-term investments in companies in a variety of sectors. The terms of the deal were not disclosed.
The sale was carried out by Pfingsten Partners LLC, a private equity firm that has been owned by Crane 1 since October 2015. During this time, Crane 1 has grown into one of the largest Pentecost overhead crane MRO services and equipment in the United States.
Piper Sandler & Co. advised Crane 1 and Pentecost on the transaction, and Katten Muchin Rosenman LLP acted as legal advisor. Vedder Price served as legal counsel for L Squared.
The acquisition of Crane 1 marks L Squared’s second platform investment in Fund III – a 505 million services and equipment private equity fund. ”In the past five years, the company has completed six acquisitions.
Crane 1 is the industry’s only scaled, private equity-backed consolidation platform operating in 15 states, according to a press release announcing the acquisition. The company and its 225 employees provide overhead crane MRO services and equipment aimed at maximizing safety, reducing liability, reducing maintenance costs, and increasing overall productivity.
The company offers a full range of services including OSHA-mandated inspections, maintenance, repairs, construction and installation of overhead crane systems and under-hook hoists. In addition, Crane 1 recently launched an e-commerce website under the Hoist Central brand. The website provides customer service for hard-to-find controls and parts.
“L Squared is well placed to add value as a new partner to Crane 1 as its proven consolidation playbook is across multiple industries,” said Bob Vevoda, CEO of Crane 1. “Crane 1 is delighted with our commitment Teams, especially our frontline technicians, have a strong dynamic among our loyal customer base. We look forward to further growth with a focus on safety and build on our reputation as a preferred employer for top technicians. “
Working with the management team, L Squared plans to continue building Crane 1’s leadership position in engineering talent and equipment delivery to bring value to customers.
“L Squared is excited to begin our partnership with the Crane 1 team,” said Sean Barrette, L Squared partner and board member of Crane 1. “The company fits our investment strategy well as it operates in a highly fragmented market in which demand is determined by both regulations and critical security needs. We look forward to continuing Crane 1’s strong momentum in consolidating the industry and serving customers in a variety of end markets. ”
