Southlake, TX- September 10, 2012 – 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 USA Mobile Crane, LLC (“USA Mobile Crane”). The combined business will operate as Allegiance Crane & Equipment, LLC. Ross Gatlin, CEO and Managing Partner of Prophet Equity commented, “The successful acquisition of USA Mobile Crane accomplishes multiple strategic objectives, including expanding our high quality customer and employee base as well as continuing to enlarge our fleet, diversifying our customer and service offerings and extending our geographic reach and facility base.”
The acquisition of USA Mobile Crane’s business, with a fleet consisting of mobile cranes (60 – 225 tons in capacity) and the accompanying trucks, trailers and other assets, represents both a geographic expansion to two new branch locations in San Antonio and Carrizo Springs, Texas and a significant increase in exposure to the oil and gas industry. In addition, the San Antonio location provides new access to the very attractive markets of San Antonio and Austin, Texas for additional commercial, infrastructure and power work. Approximately 50 former USA Mobile Crane employees have joined Allegiance. James Robertson, President of Allegiance, said, “We are very excited about adding the USA Mobile Crane team to the Allegiance family! We have two new strategically located facilities that will make us more efficient and more responsive to both new and current customers. Most importantly, I am very impressed with the employees at USA Mobile Crane and we are all encouraged about the added opportunity we have by combining our forces.”
Headquartered in Pompano Beach, FL, with operations in Pompano Beach, Houston, TX, San Antonio TX and Carizzo Springs, TX Allegiance has a fleet of well over 100 cranes and hoists. The crane fleet (ranging from 20 – 650 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, commercial and infrastructure construction industries. “The continued strong financial performance and industry leading balance sheet of the Allegiance platform, combined with the backing of Prophet Equity, have allowed us to create and expand a uniquely flexible credit facility, enabling acquisitions of strategic add-ons and equipment wherever necessary for our growing business”, said Pelham Smith, Managing Director of Allegiance.
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.
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.