Pfingsten Partners L.L.C. has acquired Crane 1 Services Inc. Financial terms weren’t announced. Franklin, Ohio-based Crane 1 provides overhead crane services and equipment.
Chicago, IL – October 20, 2015 – Pfingsten Partners, L.L.C. (“Pfingsten”) announces the acquisition of Crane 1 Services, Inc. (“Crane 1” or the “Company”), a provider of overhead crane and hoist services and equipment, in partnership with management.
Headquartered in Franklin, OH with ten other locations throughout the Midwest and Southeast, Crane 1 is a leading independent provider of overhead crane services and equipment. Services include inspections, maintenance, repair, design and installation of overhead crane systems.
“Crane 1 is an industry leader that maximizes safety, increases productivity and reduces maintenance costs for its customers,” said Scott Finegan, Managing Director, Pfingsten. “The Crane 1 management team has an outstanding track record of growth through aggressive geographic expansion and new account development. We look forward to supporting the next stage of the Company’s growth.”
“We are extremely excited to partner with Pfingsten,” said Crane 1 CEO, Matt Milton. ”This partnership provides the operational and financial resources required to accelerate our growth at a most opportune time.”
Pfingsten acquired the Company on October 7, 2015, marking the seventeenth platform investment for Pfingsten’s $525 million Fund IV. For more information on Crane 1, visit www.crane1services.com.
Pfingsten is an operationally focused private equity firm formed in 1989. From its headquarters in Chicago, IL and representative offices in ChangAn, China, New Delhi, India and Chennai, India, the firm builds better businesses through operational improvements, professional management practices, global capabilities and profitable business growth rather than financial engineering. Since completing its first investment in 1991, Pfingsten has raised four investment funds with total commitments of approximately $1.0 billion and has acquired 106 manufacturing, distribution and business services companies. For more information, visit pfingsten.com.