Turnspire Capital Partners, LLC operates as a special situations private equity firm that focuses on acquiring top-quality business that have reached an inflection point (maybe strategic, operational or financial). The New York-based firm “seeks to create value by working with like-minded operating executives to drive sustainable improvements in controllable costs, margins, and cash flow,” according to their website. Turnspire Capital Partners primarily focuses on industrial manufacturing and consumer businesses.
The private equity firm announced that that it has acquired Crane Carrier, a New Philadelphia, Ohio-based manufacturer of some of the most elite specialty trucks on the road. Crane Carrier operates three main brands: Crane Carrier Company, Crane Carrier Company Engineered Chassis, CyKlone Mixers with Kimble Technology. No financial terms have been released.
Turnspire Capital Partners, LLC Press Release:
New York, NY (January 2, 2019) —- Turnspire Capital Partners LLC (“Turnspire”), a special situations-focused private equity firm, announced today that it has created a new company, Crane Carrier Holdings, LLC (together with subsidiaries, “Crane Carrier” or the “Company”) to acquire the specialty vehicle group of Hines Corporation, which designs, manufactures and sells heavy-duty truck chassis, complete vehicles and aftermarket parts for specialty markets.
Headquartered in New Philadelphia, Ohio, Crane Carrier produces some of the most elite specialty trucks on the road today under three brands: the namesake Crane Carrier Company (truck chassis), Crane Carrier Company Engineered Chassis and CyKlone® Mixers with Kimble Technology.
Turnspire Managing Partner Ilya Koffman said, “We are thrilled to acquire Crane Carrier, which is an ideal fit with our operationally focused investment strategy. The Company capitalized on its strong brands and customer relationships to grow its refuse and specialty truck business as a non-core division of Hines Corporation. As an independent company under Turnspire’s ownership and led by its talented management team, Crane Carrier can build upon its foundation to achieve operational excellence and sustainable growth.”
Crane Carrier will continue to be led by President and CEO Randy Rollins. Mr. Rollins and other members of the management team partnered with Turnspire on the acquisition and will hold meaningful ownership stakes in the Company. In addition, Jim Marcotuli (Marco) and Scott Thompson have joined Crane Carrier’s Board of Managers. Messrs. Marcotuli and Thompson are accomplished executives with significant relevant experience in specialty vehicles and the refuse end-market, and deep industry networks.
“We are excited to embark on the next chapter of Crane Carrier’s growth as an independent company,” said Mr. Rollins. “In Turnspire, we have a financial partner with whom we share the same vision, the same drive to excel and the same values. With the benefit of Turnspire’s operational and strategic resources, including Marco’s and Scott’s experience and relationships, Crane Carrier is now even better positioned to take advantage of the growth opportunities in the refuse and specialty truck markets.”
Chapman & Cutler LLP served as legal counsel to Turnspire on the Crane Carrier investment.
About Crane Carrier Company
Crane Carrier Company is a leader in the vocational truck industry, providing custom, severe-service chassis and purpose-built vehicles for the refuse and recycling, infrastructure maintenance, ground support, agriculture, oil and gas, and concrete mixer markets under the Crane Carrier Company, Crane Carrier Company Engineered Chassis and CyKlone® Mixers with Kimble Technology brands. For additional information, please visit www.cranecarrier.com.
About Turnspire Capital Partners
Turnspire Capital Partners invests in high-quality businesses that have reached strategic, financial or operational inflection points and stand to benefit from our hands-on, operationally focused approach. Turnspire’s investment philosophy is predicated on creating value through operational improvements rather than through financial leverage. Turnspire strives to make each of its companies best-in-class in their respective industry niche, and then to grow the businesses through organic initiatives or strategic acquisitions. For additional information, please visit www.turnspirecap.com.