NEWPORT BEACH, California – (BUSINESS WIRE) – L Squared Capital Partners (“L Squared”) is pleased to acquire Crane 1 (“Crane 1” or the “Company”), one of the largest providers of MRO services and equipment, based in Miamisburg, Ohio for overhead cranes to be announced in the United States by Pentecost. The investment marks L Squared’s second platform investment in Fund III, a $ 505 million private equity fund that closed in September 2020 with acquisitions over the past five years.
Crane 1 is the industry’s only scaled private equity-based consolidation platform, operating in 15 states. The company and 225 of the best technicians in the industry provide overhead crane MRO services and equipment that maximize safety, reduce liability, reduce maintenance costs, and increase 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-the-hook hoists. In addition, Crane 1 recently launched a premier e-commerce site under the Hoist Central brand, which offers customers the highest level of service for hard-to-find controls and parts.
“L Squared is excited to begin our partnership with the Crane 1 team. The company fits well with our investment strategy as it operates in a highly fragmented market where demand is driven by both regulation and critical security needs, “said Sean Barrette, partner at L Squared and board member of Crane 1.” We look forward to continuing Crane 1’s strong momentum in consolidating the industry and serving customers in a variety of end markets. ”
Working with the management team, L Squared plans to build on Crane 1’s leadership position in engineering and supplying world class equipment to deliver an unmatched value proposition to customers.
“L Squared is well suited to adding value as a new partner to Crane 1 because of its proven consolidation approach in several industries,” said Bob Vevoda, CEO of Crane 1. “Crane 1 is delighted with the commitment of our team, especially our engineers front line, a strong dynamic with our loyal customer base. We look forward to further growth with a focus on security and are building on our reputation as an “employer of choice” for top technicians. ”
Piper Sandler & Co advised Crane 1 and Pentecost on the transaction and Katten Muchin Rosenman LLP acted as legal advisor. Vedder Price was the legal advisor to L Squared Capital Partners.
About L Squared Capital Partners
L Squared Capital Partners is an investment firm headquartered in Newport Beach, Calif., Seeking long-term investments in leading growth companies operating in target sectors: education technology, technology-enabled services and software, and industrial technology and services. Our unique investor base of family offices allows us to focus on long-term value creation driven by sales and earnings growth, rather than financial engineering or market timing. The directors of L Squared have worked together for over a decade and together have more than 80 years of experience investing in growing private companies.
More information is available at www.LSquaredCap.com.
Via crane 1
Crane 1 is a leading provider of MRO services and equipment for overhead traveling cranes that maximize safety, reduce liability, reduce maintenance costs and increase 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-the-hook hoists. In addition, Crane 1 recently launched a premier e-commerce site under the Hoist Central brand, which offers customers the highest level of service for hard-to-find controls and parts. Crane 1 is headquartered in Miamisburg, Ohio, and operates in 15 states.
Visit www.crane1.com or www.hoistcentral.com for more information
Provided for informational purposes only and is not intended as investment advice, or as an offer or solicitation to purchase any investment. An investment with an investment firm is only suitable for qualified investors who fully understand the risks of such an investment. L Squared Capital Partners is a registered investment advisor with the United States Securities and Exchange Commission. Registration does not require a specific level of qualification or training. Investments with L Squared Capital Partners are only offered in accordance with applicable securities laws.
