L Squared Capital Partners has closed its acquisition of Miamisburg, Ohio-based Crane 1, a provider of overhead crane maintenance, repair and overhaul services and equipment in the United States, from Pfingsten. The investment represents L Squared’s second platform investment in its third fund, a $505 million private equity fund that closed in September 2020.

“L Squared is excited to begin our partnership with the Crane 1 team. The Company is well aligned with our investment strategy given that it operates in a highly fragmented market where demand is driven by both regulation and critical need for safety,” said Sean Barrette, partner at L Squared and Crane 1 Board Member. “We look forward to continuing Crane 1’s strong momentum in consolidating the industry and serving customers across a broad set of end markets.”

“L Squared is well suited to add value as Crane 1’s new partner given their proven consolidation playbook across multiple industries,” said Bob Vevoda, Crane 1’s CEO. “Crane 1 enjoys strong momentum with our loyal customer base because of the commitment of our team, especially our front-line technicians. We look forward to continued growth with a focus on safety and building upon our reputation as the “employer of choice” for top technician talent.”

Piper Sandler & Co. advised Crane 1 and Pfingsten on the transaction and Katten Muchin Rosenman LLP served as legal counsel. Vedder Price served as legal counsel to L Squared Capital Partners.