Turnspire Capital Partners announced that an affiliate has sold its portfolio company Crane Carrier Company to Battle Motors. Terms of the transaction were not disclosed.
Crane Carrier Company is a provider of custom, severe-service chassis and purpose-built vehicles for the refuse and recycling, infrastructure maintenance, ground support, multi–stop distribution, agriculture and oil and gas markets under the Crane Carrier Company and Crane Carrier Company Engineered Chassis brands.
An affiliate of Turnspire acquired Crane Carrier from Hines Corporation in December 2018. During its ownership, Turnspire worked with management to launch Crane Carrier as an independent company, divest the non-core mixer division, introduce new refuse and custom chassis products to the marketplace, win significant new business and position Crane Carrier as a strategic acquisition target in the rapidly evolving electric vehicle truck segment, the company says.
[RELATED: Turnspire Capital acquires Goodyear Air Springs]
“We are thrilled with the outcome of our Crane Carrier investment, which serves as a validation of our investment strategy,” says Turnspire Managing Partner Ilya Koffman. “The business is well positioned to lead the transition of large vocational truck fleets to all-electric, zero-emission vehicles. We look forward to following Crane Carrier's further growth and innovation as part of Battle Motors.
“We thank CEO Pat Griffin and the management team for their tremendous efforts to drive Crane Carrier's transformation, as well as Scott Thompson and the board of managers for their critical strategic advice. Of course, we wish the talented and dedicated employees of Crane Carrier great success in the future,” Koffman says.
Mike Patterson, CEO, Battle Motors and now of Crane Carrier, says, “It was great working with Turnspire and we look forward to continuing to build the market's best trucks at Crane Carrier, which is now a Battle Motors company.”
