Crane 1 acquired by L Squared Capital Partners
By D.Ann Shiffler21 August 2021
L Squared Capital Partners has acquired Crane 1. NXT Capital closed the $95 million transaction and acted as the administrative agent, sole lead arranger and sole bookrunner. Crane 1 is one of the largest providers
of overhead crane MRO services and equipment in the United States. Headquartered in Miamisburg, OH, with operations in 15 states and 220 technicians, Crane 1’s services and products maximize safety, diminish liability, reduce maintenance costs, and increase overall productivity, according to the company. Crane 1 offers a full suite of services, including OSHA-mandated inspections, maintenance, repair, design and installation of overhead crane systems and below-the-hook lifting devices.
“We are very pleased to partner with NXT Capital on another transaction,” said Sean Barrette, Partner, L Squared Capital Partners. “NXT was fast and flexible in addressing all of our needs.”
L Squared Capital Partners is an investment firm headquartered in Newport Beach, CA that seeks to make long-term investments in leading growth companies that operate in targeted sectors, including education, technology, tech-enabled services and software and industrial technology and services.