Ropes & Gray Represents Crane 1 Services, Pfingsten, in Acquisition of Crane Service & Inspections
Ropes & Gray advised Crane 1 Services, a portfolio company of Pfingsten, in its acquisition of Crane Service & Inspections, a provider of critical services for overhead cranes and below the hook lifting device services and equipment. This is Crane 1 Services’ first strategic acquisition since Pfingsten, represented by Ropes & Gray, became its majority shareholder in October 2015.
Headquartered in Ohio, Crane 1 Services is a leading provider of overhead crane services including inspections, maintenance, repair, design and installation of overhead crane systems, and equipment.
Chicago-based Pfingsten is an operationally focused private equity firm. Since completing its first investment in 1991, Pfingsten has raised five investment funds with total commitments of approximately $1.3 billion and has acquired 115 manufacturing, distribution and business services companies.
The transaction closed on Jan. 27, 2017; financial terms were not disclosed.
The Ropes & Gray team deal team included private equity partner Neill Jakobe and associates Timothy Castelli, James Davis and Justin Voeks (all of Chicago); tax partner Aaron Harsh (Boston); finance partner Alexander Zeltser (New York); business & securities litigation partner Nicholas Berg (Chicago); and real estate & environmental partner Peter Alpert (Boston).