28.06.2009

Maxim acquires Barnhart Crawlers

Maxim Crane Works, the world’s largest crane rental company, has acquired a third of Barnhart Crane and Rigging’s crawler crane fleet for an undisclosed sum.

The units acquired are mid capacity models in the 200 to 300 tonne range, the sector that Maxim has been intent on expanding.
Maxim, which emerged from Chapter 11 restructuring process in 2005, is owned by Platinum Equity which acquired the business just over a year ago.

Art Innamorato, Maxim‘s chief executive said: “Acquiring these assets further strengthens Maxim’s capabilities and adds to an investment of over $60 million made in the last 18 months to expand our fleet of 230- to 300-ton sized crawlers. The acquisition solidifies our position as the premier service provider in this segment and demonstrates Maxim and Platinum Equity's commitment to growth.”

Barnhart president Alan Barnhart said: “Selling the assets to Maxim completes the fleet alignment following our 2008 acquisition of SG Marino Crane Service.”

Louis Samson, the Platinum Equity principal who led the firm’s acquisition of Maxim and has been working with Maxim on its mergers and acquisitions strategy, said: “Today’s announcement represents another step forward in Platinum Equity's strategy to support Maxim's acquisition program and play a leading role in the consolidation of the industry.”

“We tailored the transaction to meet Barnhart's plan and concentrated on certain asset and tonnage classes in which Maxim is focused on growing quickly. I would not be surprised to see us pursue other similarly structured transactions in the future.”