The assets and business of Bensalem, PA based AmQuip Corp. have been acquired by Bard Capital Group, LLC, a private equity investment firm. Valued at more than $320 million, the transaction will provide AmQuip with the capital and resources to grow the company, according to information released to the press.
“Bard Capital brings a dimension of financial expertise and operational guidance that will take AmQuip to the next level, allowing us to better serve our customers,” said Frank Bardonaro, president of AmQuip.
Bard Capital and AmQuip first established a working relationship back in the spring when AmQuip acquired Shaughnessy Crane.
Richard Bard, chairman of Bard Capital, described the firm as “family-oriented,” and one “that works well with entrepreneurs”he said. “Working together with our partners, we will provide AmQuip with the access to capital to support its continuing increase in market share, its developing nationwide tower crane business, and growth through selected acquisitions.”
Other investors in the transaction include Lehman Brothers and Joseph L. Wesley Sr., AmQuip's founder and retiring CEO, according to a press release. AmQuip operates from 10 locations in eight states.