Funds managed by affiliates of Apollo Global Management have signed definitive agreements to acquire AmQuip Crane Rental and Maxim Crane Works, two of the largest crane rental companies in North America. Apollo will acquire AmQuip from affiliates of Clearlake Capital Group and Maxim from affiliates of Platinum Equity.
Upon closing of the transactions, Apollo intends to combine Maxim and AmQuip, creating the largest crane rental company in North America with more than 1,950 cranes, a comprehensive set of value-added service capabilities and a broad geographic footprint. The transactions are subject to regulatory approval and customary closing conditions. Financial terms were not disclosed.
The two companies had a combined $750 million in rental volume in 2015. If the acquisition is finalized, the combined companies will be the fourth largest equipment rental company in North America.
AmQuip, founded in 1967, has more than 6,600 customers through a network of 13 branch locations. AmQuip operates one of the youngest crane fleets in the industry with more than 550 units with lifting capacities ranging from six to 716 tons.
Maxim, founded in 1966, serves more than 7,500 customers through a network of 31 branches. The company has more than 1,400 cranes in its fleet.
The combined company will include senior executives from each company, and both the AmQuip and Maxim brands will continue as part of the combined organization. Maxim CEO, Bryan Carlisle, is expected to serve as CEO of the combined business, while Al Bove, AmQuip CEO, will continue to run the AmQuip operation, serve on the combined company’s leadership team and play a senior role in the integration process.
“AmQuip and Maxim share similar cultures and values relating to people, safety and the desire to serve the industry,” said Carlisle. “This combination represents an opportunity for us to build a world class organization with the best people in the crane industry. We intend to run the business in the most effective manner possible, utilizing best practices of both organizations. This partnership will be mutually beneficial to both of our teams and, most importantly, to the customers we serve by providing an enhanced level of service, expertise, equipment and geographic coverage.”
“Our companies know each other well with ties that go back more than 30 years,” said Bove. “The teams on both sides throughout each organization are made up of the most experienced lifting solutions experts in the industry and the ability to work together going forward is exciting for everyone involved.”
“Both Maxim and AmQuip have built exceptional reputations and customer relationships through the depth of their employee talent and their commitment to providing the highest levels of customer service,” added Larry Berg and Antoine Munfakh, partners at Apollo Global Management. “We see many compelling growth and innovation opportunities in the market, and we look forward to bringing Apollo’s resources to bear in helping Bryan and Al achieve their long-term strategic objectives.”
Maxim Crane Works is headquartered in Bridgeville, Pa., in the Pittsburgh area, and Amquip Crane Rental is based in Trevose, Pa., near Philadelphia.