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Press release content from Business Wire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Business Wire
Press release content from Business Wire. The AP news staff was not involved in its creation.

L Squared Completes the Acquisition of Crane 1

August 16, 2021 GMT

NEWPORT BEACH, Calif.--(BUSINESS WIRE)--Aug 16, 2021--

L Squared Capital Partners (“L Squared”) is pleased to announce the acquisition of Miamisburg, Ohio based Crane 1 (“Crane 1” or the “Company”), one of the largest providers of overhead Crane MRO services and equipment in the United States from Pfingsten. The investment represents L Squared’s second platform investment in Fund III, a $505 million private equity fund that closed in September 2020. Crane 1 is a proven M&A platform operating in the highly fragmented $3 billion market for overhead crane MRO services and equipment, having completed six acquisitions in the last five years.

Crane 1 is the only scaled private equity backed consolidation platform in the industry with operation across 15 states. The Company and 225 of the industry’s finest technicians provide overhead crane MRO services and equipment that maximize safety, diminish liability, reduce maintenance costs, and increase overall productivity. The Company offers a full suite of services, including OSHA mandated inspections, maintenance, repair, design and installation of overhead crane systems and below-the-hook lifting devices. Additionally, Crane 1 recently launched a leading ecommerce site branded “Hoist Central,” providing customers with the highest level of service on hard-to-find controls and parts.

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“L Squared is excited to begin our partnership with the Crane 1 team. The Company is well aligned with our investment strategy given that it operates in a highly fragmented market where demand is driven by both regulation and critical need for safety,” said Sean Barrette, Partner at L Squared and Crane 1 Board Member. “We look forward to continuing Crane 1’s strong momentum in consolidating the industry and serving customers across a broad set of end markets.”

In partnership with the management team, L Squared plans to continue building upon Crane 1’s leadership position across technician talent and best in class equipment delivery to provide an unmatched value proposition for customers.

“L Squared is well suited to add value as Crane 1’s new partner given their proven consolidation playbook across multiple industries,” said Bob Vevoda, Crane 1’s CEO. “Crane 1 enjoys strong momentum with our loyal customer base because of the commitment of our team, especially our front-line technicians. We look forward to continued growth with a focus on safety and building upon our reputation as the “employer of choice” for top technician talent.”

Piper Sandler & Co advised Crane 1 and Pfingsten on the transaction and Katten Muchin Rosenman LLP served as legal counsel. Vedder Price served as legal counsel to L Squared Capital Partners.

About L Squared Capital Partners

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L Squared Capital Partners is an investment firm headquartered in Newport Beach, CA that seeks to make long-term investments in leading growth companies that operate in targeted sectors: Education Technology, Tech-Enabled Services & Software, and Industrial Technology & Services. Our unique investor base of family offices enables us to focus on long-term value creation driven by revenue and earnings growth, not financial engineering or market timing. The principals of L Squared have worked together for over a decade and have over 80 years of combined experience investing in growing private companies.

For additional information, please visit www.LSquaredCap.com.

About Crane 1

Crane 1 is a leading provider of overhead crane MRO services and equipment that maximize safety, diminish liability, reduce maintenance costs, and increase overall productivity. The Company offers a full suite of services, including OSHA mandated inspections, maintenance, repair, design and installation of overhead crane systems and below-the-hook lifting devices. Additionally, Crane 1 recently launched a leading ecommerce site branded “Hoist Central,” providing customers with the highest level of service on hard-to-find controls and parts. Crane 1 is headquartered in Miamisburg, OH and operates across 15 states.

For additional information, please visit www.crane1.com or www.hoistcentral.com

Provided for informational purposes only and is not intended as investment advice or an offer or solicitation with respect to the purchase of any investment. Investing with any investment firm is suitable only for qualified investors that fully understand the risks of such an investment. L Squared Capital Partners is an investment adviser registered with the United States Securities and Exchange Commission. Registration does not imply a certain level of skill or training. Investments with L Squared Capital Partners are only offered in accordance with applicable securities laws.

View source version on businesswire.com:https://www.businesswire.com/news/home/20210816005408/en/

CONTACT: Sean Barrette

Partner

Office: (949) 398-0178

sbarrette@lsquaredcap.comTyler Huez

Principal

Office: (949) 398-0182

thuez@lsquaredcap.comStephen Foley

Associate

Office: (949) 519-3474

sfoley@lsquaredcap.com

KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA

INDUSTRY KEYWORD: PROFESSIONAL SERVICES ENGINEERING OTHER CONSTRUCTION & PROPERTY MANUFACTURING VENTURE CAPITAL CONSTRUCTION & PROPERTY OTHER MANUFACTURING

SOURCE: L Squared Capital Partners

Copyright Business Wire 2021.

PUB: 08/16/2021 09:14 AM/DISC: 08/16/2021 09:14 AM

http://www.businesswire.com/news/home/20210816005408/en