Turnspire Capital Partners has sold Crane Carrier to Battle Motors. No financial terms were disclosed. Crane Carrier is a provider of custom, severe–service chassis and purpose-built vehicles for the refuse and recycling, infrastructure maintenance, ground support, multi–stop distribution, agriculture, and oil and gas markets
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”). Terms of the transaction were not disclosed.
Crane Carrier Company is a leader in the vocational truck industry, providing custom, severe–service chassis and purpose-built vehicles for the refuse and recycling, infrastructure maintenance, ground support, multi–stop distribution, agriculture, and oil and gas markets under the Crane Carrier Company and Crane Carrier Company Engineered Chassis brands.
An affiliate of Turnspire acquired Crane Carrier from Hines Corporation in December 2018. During its ownership, Turnspire worked with management to launch Crane Carrier as an independent company, divest the non-core mixer division, introduce new refuse and custom chassis products to the marketplace, win significant new business and position Crane Carrier as a strategic acquisition target in the rapidly evolving electric vehicle truck segment.
“We are thrilled with the outcome of our Crane Carrier investment, which serves as a validation of our investment strategy,” said Ilya Koffman, Managing Partner of Turnspire. “The business is well positioned to lead the transition of large vocational truck fleets to all-electric, zero-emission vehicles. We look forward to following Crane Carrier’s further 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, as well as Scott Thompson and the Board of Managers for their critical strategic advice. Of course, we wish the talented and dedicated employees of Crane Carrier great success in the future,” Mr. Koffman added.
“It was great working with Turnspire and we look forward to continuing to build the market’s best trucks at Crane Carrier, which is now a Battle Motors company,” said Mike Patterson, CEO of Battle Motors and now of Crane Carrier.
About Turnspire Capital Partners
Turnspire Capital Partners invests in high-quality businesses that have reached strategic, financial or operational inflection points and stand to benefit from our hands-on, operationally focused approach. Our investment philosophy is predicated on creating value through operational improvements rather than through financial leverage. Turnspire strives to make each of its companies best-in-class in their respective industry niche, and then to grow the businesses through organic initiatives or strategic acquisitions. For additional information, please visit www.turnspirecap.com.
About Battle Motors
Battle Motors is a technology leader in the electrification of commercial vehicles. We produce the world’s best vocational trucks for the refuse and recycling markets. For additional information, please visit www.battlemotors.com.