30.08.2019

Maxim Acquires Solley

US crane rental group Maxim Crane Works is to acquire Alabama based Solley Equipment & Rigging from owner and chief executive Ronnie Solley.

Solley Crane was founded by Ray Solley in 1972 and operates from three locations covering central Tennessee and northern Alabama with its headquarters in Decatur, Alabama, plus two branches in Nashville, Tennessee and Hunstville, Alabama. The fleet includes All Terrains, Rough Terrains, truck cranes, boom trucks, and carrydeck cranes from Grove, Terex, Liebherr, Tadano and Link Belt, with capacities up to 400 tonnes, with the Liebherr LTM 1400-7.1 being the company flagship.
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Solley's Liebherr LTM 1400-7.1

Maxim hopes that Solley Crane’s position as one of the largest providers of mobile crane services within the region, will enhance and expand its presence in these markets thanks to the addition of the Solley Crane fleet and the expertise of Solley Crane’s staff. No details of the transaction have been revealed.

Maxim chief executive Bryan Carlisle said: “The Solley Crane merger provides access to one of the most experienced teams of crane professionals in the region. They have an outstanding reputation and their fleet provides customers with a ‘best in class’ brand of products, parts, services and rental equipment. We are excited about this amazing combination and look forward to providing our team members and customers with the additional geographic coverage and services that Solley Crane and its team bring to our company”.

Ronnie Solley of Solley Crane added: “Solley Crane was started by my father, Ray, and the business has been the heart and soul of our family and employees for nearly 50 years. This merger will ensure that our employees, families and customers continue to enjoy the type of service, safety, and commitment that they have had in the past and guarantee that our business will continue for the next 50 years and beyond. We know the Maxim Crane team extremely well and believe that this is a perfect combination that will allow both teams to thrive by working together toward common goals of safety, service and success.”

Maxim chief operating officer Frank Bardonaro said: “Our respective companies have always had a great working relationship. This combination will demonstrate to our customers and employees that we are committed to providing the rigging, storage and crane related services needed to support the robust growth in the Southeast. I have known Ronnie for over 15 years and have always admired and respected what he and his family have accomplished. We are excited that he and his team will remain intact to help lead the region and to continue their near five decade business legacy. The most valuable component of this merger is the team that Solley Crane brings to the table. The combined fleet, footprint and services ensures our customers and employees that they can rely on Maxim Crane/Solley Crane to be the best ‘One Stop Shop’ for every type of specialty lifting service in the region.”

Vertikal Comment

This is Maxim’s third acquisition so far this year, in March it purchased Louisiana based B&G Crane Service, and then in May added Boston based Shaughnessy & Ahern. These regional additions are adding to what was already an extensive depot network of 56 locations and a fleet of more than 2,600 cranes.

The challenge is of course how to integrate the business and yet ensure that the value that it has paid for is fully retained. Keeping the management on board and focusing on sales and fleet, without fretting too much about ‘synergy cost savings’ should help to this end.
All in all this looks like a good move, depending of course on the price paid.