Financial terms are undisclosed and the sale is pursuant to an asset purchase agreement. Maxim is owned by Platinum Equity.
Art Innamorato, Maxim CEO, said, "Acquiring these assets further strengthens Maxim's capabilities and adds to an investment of over $60 million made in the last 18 months to expand our fleet of 230 to 300 ton sized crawlers. The acquisition solidifies our position as the premier service provider in this segment and demonstrates Maxim and Platinum Equity's commitment to growth."
Alan Barnhart, Barnhart president, said the sale "completes the fleet alignment following its 2008 acquisition of SG Marino Crane Service Corp."
Louis Samson, the Platinum Equity principal who led the firm's acquisition of Maxim in 2008 and has been working with the company on its mergers and acquisitions strategy, said the announcement of the deal "represents another step forward in Platinum Equity's strategy to support Maxim's acquisition program and play a leading role in the consolidation of the industry."
Samson said the transaction also strengthened Maxim's relationship with Barnhart. "We tailored the transaction to meet Barnhart's plan and concentrated on certain asset and tonnage classes in which Maxim is focused on growing quickly," Samson said in a press release.
Samson continued that he wouldn't be surprised to see Platinum Equity pursue other similarly structured transactions in the future.