Apollo Global Management LLC (NYSE: APO) has acquired AmQuip Crane Rental LLC from Clearlake Capital Group LP and Maxim Crane Works LP from Platinum Equity. Apollo’s new combined crane rental company will keep the CEOs from the two businesses, as well as the AmQuip and Maxim names.
The combined company will have more than 1,950 cranes serving customers in North America. Maxim CEO Bryan Carlisle will serve as CEO of the combined business, with AmQuip’s CEO, Al Bove, running AmQuip’s operations and serving on the combined company’s leadership team. AmQuip, based in Trevose, Pennsylvania, has 13 branches, with more than 6,600 customers in 35 states in refinery, petrochemical, industrial, non-residential construction and other sectors. The company has more than 550 cranes, with lifting capacities ranging from six to 716 tons. AmQuip, founded in 1967, was acquired by Clearlake in 2014. Maxim, based in Santa Monica, California, founded in 1966, has more than 1,400 cranes and 31 branches in the U.S. with more than 7,500 cranes.
Apollo, an alternative investment manager headquartered in New York, manages $170 billion in private equity, credit and real estate funds. Clearlake Capital of Santa Monica, California, is a private equity and special situations investment firm targeting technology, communications and business services; industrials, energy and power; and consumer products and services sectors with $3.5 billion under management. Platinum Equity, based in Beverly Hills, California, is a PE firm that invests in companies in manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Since its 1995 founding, the firm has completed more than 175 acquisitions. Recently, Clearlake announced plans to acquire data protection and cloud migration software provider Vision Solutions Inc. from Thoma Bravo LLC and take a stake in That’s How We Roll LLC, maker of non-GMO and MSG-free cookies and tortilla chips.
Recent commercial-construction-related acquisitions have included J.S. Held LLC, a construction consultant backed by Lovell Minnick Partners, buying construction claims firm Lovett Silverman Construction Consultants Inc. Also, Hennessy Capital Acquisition Corp. II (Nasdaq: HCAC, HCACU and HCACW) acquired stock in United Subcontractors Inc., an insulation installer and distributor to commercial and residential construction projects, and Distribution International Inc., distributor and fabricator of insulation for commercial construction and other markets, acquired the 3i Supply Co. insulation business.
Financial terms of the crane deal were not disclosed. Financial advisers for the transaction were Harris Williams & Co. and Oppenheimer & Co. Inc. for AmQuip and Clearlake, Barclays (NYSE: BCS) for Apollo and Goldman, Sachs & Co. (NYSE: GS) for Maxim. The legal advisers were Stradling Yocca Carlson & Rauth and Cooley LLP for AmQuip, Paul, Weiss, Rifkind, Wharton & Garrison LLP for Apollo and Latham & Watkins LLP for Platinum Equity. Debt financing for the transaction is committed by J.P. Morgan Chase Bank N.A. (NYSE: JPM), Wells Fargo (NYSE: WFC), Barclays and Jefferies Finance LLC, and Cahill Gordon & Reindel LLP and Otterbourg P.C. are their legal counsel.