Coast Crane acquired by equity firm
20 March 2008
Seattle-based Coast Crane has been acquired by a partnership of Northwest Capital Appreciation (NCA) and GE Asset Management Inc. Coast Crane is one of the largest crane distributors on the West Coast with 13 branches and 13 outlets specializing in crane rental, sales and service. It serves markets from San Diego to Anchorage and Western Canada. Details of the transaction were not disclosed.
“We are excited to partner with Coast's strong management team and look forward to growing the company with the help of CEO Dan Goodale and his team,” said NCA's Brad Creswell, in a press release. “Dan and his management team have built an outstanding company and we are privileged to be able to partner with them in this acquisition.
“Coast has grown substantially over the past few years as a result of strong commercial, energy and power and infrastructure construction markets, and an increase in maintenance projects by our 4,000 plus customers along the West Coast,” said Goodale. Coast Crane was purchased from Audax Group, a Boston based private equity firm, which purchased the company several years ago from founder, Ralph Hovis, who started Coast in 1971, in Portland, OR.