12.07.2007

Amquip acquired

Bard Capital Group, a Denver based private equity firm along with Altpoint Capital Partners of New York and Lehman Brothers have acquired the assets and business of AmQuip, one of North America’s largest crane rental companies for around $320 million.

Joe Wesley the founder and chief executive of Amquip is to retire, although he will maintain a holding in the company and will sit on the board of directors.
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Joe Wesley founder and CEO of Amquip

Former general manager, Frank Bardonaro has taken over as president and of AmQuip, while Richard Bard of Bard Capital becomes chairman.

"Bard Capital brings a dimension of financial expertise and
operational guidance that will take AmQuip to the next level, allowing us to better serve our customers," said Bardonaro.

Bard advised Amquip on its recent acquisition of Shaughnessy Crane See Amquip buys Shaughnessyand was called in by Wesley to consider his succession plans.

Michael Carrazza, managing director of Bard said “We have a deep network and he wanted the company to be in good hands. He wanted a company that would take care of the employees and grow the company to the next level.”

"Bard Capital is a family-oriented firm that works well with
entrepreneurs and we only invest in a select group of companies and people that we believe in," added Richard Bard.

"Working together with our partners, we will provide AmQuip with the access to capital to support its continuing increase in market share, its developing nationwide Tower Crane business, and growth through selected acquisitions,"

Amquip is based in Bensalem, near Philadelphia, Pennsylvania and operates from 10 locations in eight states. Its crane fleet numbers around 450 units, the largest crane being a 660 ton crawler.

In 2004 Wesley took a run at Maxim Crane, North America's largest crane rental company, while it was in chapter 11.

In 2005 it invested around $60 million with Terex and Potain to build a tower crane fleet, units of which are still being delivered.

Vertikal Comment

Joe Wesley founded Amquip in 1967 when he mortgaged his house to buy a 25 ton Grove crane, which he drove himself. Since then he has built it into one of the worlds largest crane companies. Exiting the business was never going to be easy for him.

This buy-out allows him to keep his hand-in, a little as well as benefit from the progress that his management team can make with a ready supply of funds for expansion.

Cranes though are Wesley's life, he first operated one when he was 15 and he worked as a crane operator both before he started AmQuip, and afterwards. In the time since he has become one of the crane industry's 'characters'.

We probably haven't seen the last of Joe Wesley!