Allegiance Crane & Equipment and Prophet Equity are the new owners of US crane rental company General Crane USA.
The liquidation plan for General Crane received court approval on 17 December 2010. Florida-based Allegiance Crane & Equipment is already expanding its workforce, with many projects underway or in the pipeline, according to Jim Robertson, president.
Robertson said that the new company will make a seamless transition in providing crane, rigging and hoisting services on current projects in Florida, Alabama, Louisiana, Mississippi, Texas and Oklahoma. Robertson was previously managing partner at General Crane. General Crane, which has a 35-year history, began its reorganisation in late 2009 when the slowing construction market saw many of its developer clients abandon projects.
"Partnering with the financial strength of Prophet Equity gives our veteran team opportunities to better serve our clientele as we look to a dynamic future," said Robertson, adding that Allegiance Crane & Equipment serves clients in increasingly diverse industries, including the construction, petrochemical, power, refinery, healthcare, education and governmental sectors.
Ross Gatlin, Prophet Equity CEO and managing partner, said, "Our equity fund specializes in breathing new life into exactly the type of enterprise and situation we've found with Jim Robertson and the General Crane USA team. We have a distinctive track record of providing the capital needed to not only preserve existing value in situations like this, but also to invest in and unlock future value through additional capacity and growth from this strong platform for years to come."