Turnspire Capital Partners announced that a subsidiary has sold its portfolio company Crane Carrier Company to Battle Motors. The terms of the transaction were not disclosed.
The Crane Carrier Company is a provider of custom chassis and purpose built vehicles for the waste and recycling, infrastructure maintenance, ground support, multi-stop distribution, agricultural, and oil and gas markets under the Crane Carrier Company and Crane Carrier Company Engineered Chassis Brands.
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. Win significant new business and position Crane Carrier as a strategic acquisition target in the fast-moving EV truck segment, the company said.
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“We are delighted with the outcome of our investment in Crane Carrier, which serves as an endorsement of our investment strategy,” said Ilya Koffman, Managing Partner of Turnspire. “The company is well positioned to drive the transition from large commercial truck fleets to all-electric, zero-emission vehicles. We look forward to seeing Crane Carrier’s continued growth and innovation as part of Battle Motors.
“We thank CEO Pat Griffin and the management team for their tremendous efforts to drive Crane Carrier’s transformation, and Scott Thompson and the board for critical strategic advice. Of course, we wish the talented and dedicated people at Crane Carrier every success in the future, ”says Koffman.
Mike Patterson, CEO of Battle Motors, now Crane Carrier, said, “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. ”