Maxim Crane Works, a portfolio company of Platinum Equity, has acquired Crane Rental Corp, an Orlando, Florida-based crane rental, hauling, and rigging company. The seller was Hammond, Kennedy, Whitney & Company. No financial terms were disclosed. TM Capital provided financial advice to HKW on the transaction.
Indianapolis, IN – Hammond, Kennedy, Whitney & Company, Inc. (“HKW”) is pleased to announce that on May 22, 2015, it closed on the sale of Crane Rental Corporation (“CRC”). CRC, based in Orlando, FL, is one of the largest and most prominent crane rental, hauling, and rigging companies in the United States. CRC had been a portfolio company of HKW since 2008.
The buyer is Maxim Crane Works, a portfolio company of Platinum Equity.
“We are very happy to have been a partner with Crane Rental since 2008. The management team’s guidance through the recession and subsequent economic expansion is a testament to their expertise in the crane industry,” said Jim Snyder, Partner at HKW and former Chairman of CRC.
About HKW: HKW is a private equity firm founded in 1903 with offices in Indianapolis and New York. Since 1982, HKW has sponsored 48 platform transactions of lower middle-market companies throughout North America as well as 52 add-on acquisitions. For further information on HKW, please visit www.hkwinc.com. For further information on CRC, please visit www.cranerental.com.
TM Capital acted as the exclusive financial advisor to HKW on the divestiture of CRC.