April 02, 2013
Prophet Equity's Allegiance Crane Completes Action Crane Service Acquisition, Expanding its Crane Fleet and Service Line in South Florida
Southlake, TX- Prophet Equity announces today that its portfolio company, Allegiance Crane & Equipment, LLC (“Allegiance”), a provider of crane and rigging services, has completed the purchase of the assets of Action Crane Service, Inc. (“Action Crane”), based in Fort Lauderdale, Florida. The combined business will operate as Allegiance Crane & Equipment, LLC. Ross Gatlin, CEO and Managing Partner of Prophet Equity commented, “The successful acquisition of Action Crane enhances Allegiance’s South Florida presence and improves its ability to take advantage of the rapidly improving market in the area.”
The acquisition of Action Crane’s business, with a fleet consisting of mobile cranes (17 – 90 tons in capacity) and the accompanying trucks, trailers and other assets, represents an expansion of Allegiance’s presence in the South Florida market with additional assets, employees and customers. James Robertson, President of Allegiance, said, “We are honored to add such experience and history from Action Crane to the Allegiance family. Most importantly, I am continually impressed with their energy and we are all invigorated by the added opportunities we have gained by combining our forces.”
Headquartered in Pompano Beach, FL, with operations in Pompano Beach, Houston, TX, San Antonio TX and Carrizo Springs, TX, Allegiance has a fleet of over 150 cranes and hoists. The crane fleet (ranging from 17 – 650 tons in capacity) includes mobile cranes, crawler cranes and tower cranes. Pelham Smith, Managing Director, commented “With our uniquely flexible strategic lines of capital and credit for growth, we continue to acquire the most strategic assets which allow us to provide services to our most valuable customers across a variety of markets including the oil and gas, petrochemical, refining, marine, power and the commercial and infrastructure construction industries.”
About Allegiance Crane & Equipment, LLC
Allegiance Crane & Equipment, LLC was formed in August 2010 to purchase assets from Gulfstream Crane, LLC (dba General Crane USA). Staffed by a highly skilled workforce, Allegiance operates an equipment fleet comprised of over 100 cranes and hoists and a supporting fleet of trucks, trailers and other assets. The crane fleet (ranging from 20 – 600 tons in capacity) includes mobile cranes, crawler cranes and tower cranes. These assets are utilized to provide services to customers in a variety of markets including the oil and gas, petrochemical, refining, marine, power and the commercial and infrastructure construction industries. Allegiance is dedicated to building on its position as an industry leader in providing the highest quality, most reliable, safest services and dealing with its customers and vendors with the highest level of integrity.www.allegiancecrane.com
About Prophet Equity LP
Prophet Equity LP is a private equity firm that uses proven, data-driven analytical techniques coupled with over 100 years of investment and management experience to invest in, unlock and realize future value today. Partnering with owners and management teams, Prophet Equity’s team utilizes a toolkit that is Fortune 500 tested and private equity proven to diagnose and drive dramatic value creation. Portfolio company management teams are highly motivated with clear, uncapped incentives based on realized business performance.
Over the last decade alone, Prophet Equity’s Principals have invested and managed over $2B of value across over 30 entities with over $4 billion in revenue. Our control equity investments focus on lower and middle market companies with strategically strong businesses with significant value creation potential, such as those found in partnerships, corporate carve-outs, divestitures and non-strategic businesses of larger companies. Representative business situations include special situations, succession planning, recapitalizations, reorganizations, turnarounds, acquisitions, mergers and bankruptcies. For more information, please visit www.prophetequity.com or call us at +1.817.898.1500.