L Squared completes the acquisition of Crane 1



NEWPORT BEACH, Calif .– (COMMERCIAL THREAD) – L Squared Capital Partners (“L Squared”) is pleased to announce the acquisition of Crane 1 (“Crane 1” or the “Company”), based in Miamisburg, Ohio, one of the largest suppliers US overhead crane MRO service and equipment from Pfingsten. The investment represents L Squared’s second platform investment in Fund III, a $ 505 million private equity fund that closed in September 2020. Crane 1 is a proven mergers and acquisitions platform operating on the highly fragmented $ 3 billion overhead crane MRO equipment and services market, having completed six acquisitions in the past five years.

Crane 1 is the industry’s only large-scale private equity-backed consolidation platform, operating in 15 states. The company and 225 of the industry’s top technicians provide overhead crane MRO equipment and services that maximize safety, decrease liability, reduce maintenance costs, and increase overall productivity. The company offers a full range of services, including OSHA-mandated inspections, maintenance, repair, design and installation of overhead crane systems and under-hook lifting devices. Additionally, Crane 1 recently launched a premier e-commerce site under the “Hoist Central” brand, providing customers with the highest level of service on hard-to-find orders and parts.

“L Squared is delighted to begin our partnership with the Crane 1 team. The company is well aligned with our investment strategy as it operates in a highly fragmented market where demand is driven both by regulation and critical security need, ”said Sean Barrette, partner at L Squared and a member of the board of directors of Crane 1.“ We look forward to continuing the strong momentum of Crane 1 by consolidating the industry and serving customers on a wide range of end markets. ”

In partnership with the management team, L Squared plans to continue to build on Crane 1’s leadership position among talented technicians and top-notch equipment delivery to deliver an unmatched value proposition to customers.

“L Squared is well positioned to add value as a new partner to Crane 1, given their proven consolidation strategy across multiple industries,” said Bob Vevoda, CEO of Crane 1. “Crane 1 enjoys a strong momentum with our loyal customers thanks to the commitment of our team, especially our front-line technicians. We look forward to continuing to grow with a focus on safety and building on our reputation as the “employer of choice” for top technicians. ”

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

About L Squared Capital Partners

L Squared Capital Partners is an investment firm based in Newport Beach, Calif., Looking to make long-term investments in leading growth companies operating in targeted industries: education technology, services and software. technologies and industrial technologies and services. Our unique investor base of family offices allows us to focus on creating long-term value driven by revenue and earnings growth, not financial engineering or market timing. L Squared executives have worked together for over a decade and have over 80 years of combined experience in investing in growing private companies.

For more information, please visit www.LSquaredCap.com.

About the crane 1

Crane 1 is a leading provider of overhead crane MRO equipment and services that maximize safety, decrease liability, reduce maintenance costs and increase overall productivity. The company offers a full range of services, including OSHA-mandated inspections, maintenance, repair, design and installation of overhead crane systems and under-hook lifting devices. Additionally, Crane 1 recently launched a premier e-commerce site under the “Hoist Central” brand, providing customers with the highest level of service on hard-to-find orders and parts. Crane 1 is headquartered in Miamisburg, OH and operates in 15 states.

For more information, please visit www.crane1.com or www.hoistcentral.com

Provided for informational purposes only and is not intended to be investment advice or an offer or solicitation regarding the purchase of any investment. Investing with an investment firm is only suitable for qualified investors who fully understand the risks of such an investment. L Squared Capital Partners is a registered investment advisor with the United States Securities and Exchange Commission. Registration does not imply a certain level of skill or training. Investments with L Squared Capital Partners are only offered in accordance with applicable securities laws.



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