NEW YORK, March 24, 2021 / PRNewswire / – Turnspire Capital Partners LLC (“Turnspire”) announced that an affiliate has sold its portfolio company Crane Carrier Company, LLC (“Crane Carrier”) to Battle Motors, Inc. (“Battle Motors”). The terms of the transaction were not disclosed.
The Crane Carrier Company is a leader in the professional trucking industry, providing custom, high-maintenance chassis and purpose-built vehicles for the waste and recycling, infrastructure maintenance, ground support, multi-stop distribution, agriculture, and oil and gas crane carrier markets Company and Crane Carrier Company brands for technical chassis.
A Turnspire subsidiary acquired Crane Carrier from Hines Corporation in December 2018. During its tenure, Turnspire worked with management to create Crane Carrier as an independent company, divesting the non-core mixer business, bringing new waste and custom chassis products to market. Gain significant new business and position Crane Carrier as a strategic acquisition target in the rapidly developing EV truck segment.
“We are excited about the outcome of our investment in Crane Carrier, which serves as an endorsement of our investment strategy,” he said Ilya Koffman, Managing Partner of Turnspire. “The company is well positioned to drive the transition of large professional truck fleets to all-electric, zero-emission vehicles. We look forward to seeing Crane Carrier continue to grow and innovate as part of Battle Motors.”
“We thank the CEO Pat Griffin and the management team for their tremendous efforts to drive the transformation of Crane Carrier, as well Scott Thompson and the board for their critical strategic advice. Of course, we wish the talented and dedicated people of Crane Carrier every success in the future, “added Koffman.
“Turnspire has been great to work with and we look forward to continuing to build the best trucks in the market with Crane Carrier, now a Battle Motors company,” he said Mike Patterson, CEO of Battle Motors and now Crane Carrier.
About Turnspire Capital Partners
Turnspire Capital Partners invests in high quality companies that have reached strategic, financial or operational turning points and can benefit from our practical, operational approach. Our investment philosophy is based on creating value through operational improvements rather than financial leverage. Turnspire strives to make each of its companies best in class in its respective industry niche and then grow the business through organic initiatives or strategic acquisitions. More information is available at www.turnspirecap.com.
About Battle Motors
Battle Motors is a technology leader in the electrification of commercial vehicles. We produce the world’s best professional vehicles for the garbage and recycling market. More information is available at www.battlemotors.com.
SOURCE Turnspire Capital Partners LLC