Private equity firm Clearlake Capital Group LP has acquired AmQuip Holdings LLC, which provides equipment to the energy industry, for an undisclosed amount.
AmQuip, headquartered in Trevose, Pennsylvania, provides manned and bare rental lifting equipment and services to the North American, energy and industrial markets. The company has 13 branches that serve customers in 36 states. AmQuip has about 500 cranes that can lift between six and 716 tons.
Clearlake plans to grow AmQuip organically and through acquisitions. Altpoint Capital Partners LLC, a New York private equity firm, sold AmQuip.
The private equity firm focuses on investments in the business services, communication, consumer products and retail, defense, energy, health care, industrial, media, software and technology sectors. The firm has about $1.4 billion in equity capital under management.
Financing was provided by Wells Fargo Capital Finance, as administrative agent and joint lead arranger, PNC Bank NA and CIT Bank as joint lead arrangers, and Capital One. Oppenheimer & Co. Inc. and RBC Capital Markets provided financial advice to AmQuip.
The deal adds to consolidation in the energy services sector, as companies and firms have picked up groups that provide various services to oil and gas companies. Other recent deals include Delek Logsitcs Partners LP's (NYSE: DKL) deal for energy logistics assets earlier in October, and Patterson-UTI Energy Inc.'s (Nasdaq: PTEN) deal for fracking assets, including pumps, in September.
For more on investment in the energy sector, see 3Qs with Craig Jarchow, Managing Director, Pine Brook Partners.