Maxim and AmQuip will both continue operating and serving customers as part of a combined organization.
Funds managed by affiliates of Apollo Global Management, LLC (NYSE: APO) (together with its consolidated subsidiaries, “Apollo”) announced today that they have signed definitive agreements to acquire AmQuip Crane Rental (“AmQuip”) from affiliates of Clearlake Capital Group, L.P. (“Clearlake”) and Maxim Crane Works (“Maxim”) from affiliates of Platinum Equity. Upon the closing of these transactions, Apollo intends to combine Maxim and AmQuip, creating a premier lifting solutions provider with a modern crane rental fleet comprised of more than 1,950 cranes, a comprehensive set of value-added service capabilities and a broad geographic footprint across North America. The proposed transactions are subject to regulatory approval and customary closing conditions. Financial terms of the transactions were not disclosed.
Founded in 1967, AmQuip serves more than 6,600 customers through a network of 13 branch locations across 36 states. AmQuip operates one of the youngest crane fleets in the industry with more than 550 units with lifting capacities ranging from six to 716 tons.
Founded in 1966, Maxim serves more than 7,500 customers through a network of 31 branch locations throughout the United States. The company operates more than 1,400 cranes and is a leading provider of specialized crane and lifting solutions in North America.
The combined company will include senior executives from each company, and both the AmQuip and Maxim brands will continue as part of the combined organization. Maxim's Chief Executive Officer, Bryan Carlisle, is expected to serve as Chief Executive Officer of the combined business. AmQuip's Chief Executive Officer, Al Bove will continue to run the AmQuip operation, serve on the combined company's leadership team as well as play a senior role in the integration process.
“AmQuip and Maxim share similar cultures and values relating to people, safety and the desire to serve the industry,” said Carlisle. “This combination represents an opportunity for us to build a world class organization with the best people in the crane industry. We intend to run the business in the most effective manner possible, utilizing the best practices of both organizations. This partnership will be mutually beneficial to both of our teams and, most importantly, to the customers we serve by providing an enhanced level of service, expertise, equipment and geographic coverage.”
“Our companies know each other well with ties that go back more than 30 years,” said Bove. “The teams on both sides throughout each organization are made up of the most experienced lifting solutions experts in the industry, and the ability to work together going forward is exciting for everyone involved.”
Larry Berg and Antoine Munfakh, Partners at Apollo Global Management, said, “We are tremendously excited by this unique opportunity to combine two premier businesses in the North American lifting services market. Both Maxim and AmQuip have built exceptional reputations and customer relationships through the depth of their employee talent and their commitment to providing the highest levels of customer service. Through this transaction, and by leveraging the talent of both companies, we believe the combined organization can deepen and broaden these relationships and better serve its customers' critical lifting solutions needs. We see many compelling growth and innovation opportunities in the market, and we look forward to bringing Apollo's resources to bear in helping Bryan and Al achieve their long-term strategic objectives.”