AmQuip Crane Sold to Apollo Global
August 4, 2016 - Apollo Global Management LLC has completed acquisition of AmQuip Crane Rental LLC from Clearlake Capital Group LP. In connection with the acquisition, Apollo simultaneously acquired Maxim Crane Works LP and plans to combine Maxim with AmQuip. Financial terms of the acquisition, announced this spring and completed July 29th, were not disclosed.
Founded in 1967 and acquired by Clearlake in October 2014, AmQuip provides manned and bare-rental lifting solutions to the North American downstream energy, industrial, non-residential construction and other end markets. The company serves more than 6,600 customers across more than 35 states through a network of 13 branch locations, and operates one of the youngest crane fleets in the industry with more than 550 units ranging in lift capacity from six to 716 tons, according to a press release announcing the acquisition completion.
“The strategic transformation that we have executed at AmQuip represents an exciting success story,” said José E. Feliciano, founding partner at Clearlake.
“We are thrilled to have had the opportunity to partner with Clearlake, and appreciative of the strong value-added sponsorship and resources that the Clearlake team dedicated to our business as we pursued organic growth by investing in our team, deploying significant capital to our crane fleet and providing our customers with the highest quality of service with a best in class safety record,” said Al Bove, AmQuip CEO.
Harris Williams & Co. and Oppenheimer & Co. Inc. served as financial advisors to AmQuip and Clearlake. Stradling Yocca Carlson & Rauth and Cooley LLP served as legal advisors to AmQuip.
