Clearlake Capital Group, a private investment firm that manages about $1.4 billion in equity capital, has completed the acquisition of AmQuip Holdings, one of North America’s leading providers of manned and bare crane rental to the North American energy, industrial and other end markets. AmQuip was previously owned by a consortium of investors including Altpoint Capital Partners.
Founded in 1967, AmQuip has more than 6,600 customers on a national, regional and local basis. With 13 locations, Trevose, Pa.-based AmQuip has about 500 units with lifting capacities ranging from 6 to 716 tons.
“We are excited to partner with Clearlake, which boasts a successful track record of backing, supporting and growing companies that provide services to the energy and industrial end markets,” said Albert Bove, CEO of AmQuip. “Clearlake’s operational expertise and financial resources will help solidify AmQuip’s position as a leading North American lifting solutions provider.”
“AmQuip’s strong focus on safety, customer service, and attracting, developing, and retaining skilled employees has positioned it as a leader in the crane rental space,” said Jose Feliciano, founding partner at Clearlake. “We are excited to partner with the company’s outstanding executive and professional team to grow AmQuip as a platform for industry consolidation, both organically and through acquisitions.”
Clearlake executives Arta Tabaee and Colin Leonard will join AmQuip’s board of directors, as will Bove and Feliciano.
Clearlake’s acquisition of AmQuip was support by a financing consortium led by Wells Fargo Capital Finance as administrative agent and joint lead arranger; PNC Bank N.A. and CIT Bank as joint lead arrangers, and Capital One. AmQuip and the selling shareholder group were advised by Oppenheimer & Co. as lead financial advisor and by RBC Capital Markets.
AmQuip Crane Corp. is No. 30 on the RER 100.