NEEDHAM, Mass. — Bard Capital Group LLC, a private equity investment firm engaged in the acquisition and operation of middle market companies last month, along with other investors, acquired the assets and business of Bensalem, Pa.-based AmQuip Corp., one of the nation's largest providers of industrial crane rentals, sales and related services, and No. 20 on the RER 100. The transaction was valued at more than $320 million.
The transaction provides AmQuip with the capital, operational oversight and other resources necessary to foster continuing organic and strategic growth.
“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 Frank Bardonaro, president of AmQuip. “Bard Capital and AmQuip have already established a great working relationship, with the successful acquisition of Shaughnessy Crane in Boston in March 2007.”
“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 Bard Capital chairman 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.”
“We are very excited about the opportunity to participate in this industry by acquiring an undisputed leader in the U.S. market,” said Michael Carrazza, managing director of Bard Capital. “This deal is a fantastic accomplishment for Bard Capital, as it highlights our unique investment philosophy — one which entails building real investor value by pairing skillful middle-market private equity expertise with a willingness to actively provide hands-on operating experience alongside management where needed.”
Richard Bard now serves as the new chairman of AmQuip. Other investors in the transaction include Leh-man Brothers and Joseph Wesley Sr., AmQuip's founder and retiring CEO.
AmQuip Corp. was founded in 1967 by Joseph Welsey as a crane-rental company with a single crane. It's now one of the United States' five largest crane rental companies, with a dominant market position in the Eastern and Southeastern regions. AmQuip offers manned and bare rentals of every type of crane including crawler, tower, rough-terrain and truck cranes, with lifting capacites exceeding 600 tons. The company operates from 10 locations in eight states. AmQuip serves customers in every market segment, including infrastructure, petrochemical, commercial construction and industrial plant maintenance.
Bard Capital Group, is a private equity investment group formed to identify, acquire and manage operating companies that can benefit from seasoned private equity investors and operators of middle-market businesses. Bard Capital generally invests its own capital, maintains a pre-eminent or controlling position in its investments, and partners with other investors as appropriate. Bard Capital has offices in Denver, New York City, and Los Angeles.