US crane rental house Maxim Crane Works has acquired the assets of Cincinnati-based Tri-State Crane. Financial terms of the transaction were not disclosed.
Bryan Carlisle, Maxim CEO, said the acquisition is a strategic move designed to expand Maxim’s existing tri-state area operations and facilitate continued growth in the region.
“Kathy and Paul have built a great company with an outstanding reputation,” said Carlisle. “We are confident that our ability to provide their customers with the additional resources and services that Maxim Crane has to offer will be a ‘win-win’ for all parties involved.”
Tri-State’s crane services division was established in 1997. They have an excellent fleet mix to service the customer base they have developed within the region. Their full-service capabilities, which include hauling, storage, rigging and specialized lifting solutions have made Tri-State a leader in the region and will be a tremendous addition to the Maxim “Company of Families.”
“We have known the Maxim team for over 35 years and we have always had a great working relationship,” said Kathy and Paul Pitzer, owners of Tri-State Crane. “My father and I both worked for the original Carlisle Company. We feel that the additional resources and nation-wide services that Maxim offers will provide the best opportunities for long-term growth and success,” Paul added.
“The Tri-State Crane acquisition is an excellent strategic move that adds more young assets to Maxim’s fleet and seamlessly integrates into the company’s existing footprint,” said Ed Peng, principal for Apollo Global Management and member of the Maxim Crane Board of Directors. “We know there are many other regional players that could be a good fit as well and we are pursuing those opportunities to help grow and expand the business.”
“The Tri-State crane acquisition will provide our customers in the region with state-of-the-art equipment and expanded resources,” said Frank Bardonaro, COO for Maxim. “It sends a strong message that we value their business and are committed to serving all of their lifting needs.”