CINCINNATI--(BUSINESS WIRE)--Crane 1 Services Inc. (“Crane 1”) is pleased to announce that on August 1, 2024, it purchased Standard Crane & Hoist, LLC (“Standard Crane”), a leading service and equipment provider of overhead crane inspections, repairs and maintenance, parts, and new cranes with eight locations across Louisiana, Mississippi, and Texas. Standard Crane has been in business since 1909, when it was started by Cal Hadden as the Standard Supply Company focusing on the burgeoning industrial supply market in the Gulf Coast region. Since 1990, under the management of Mac Hadden, the company has thrived after it pivoted to the overhead crane market and was renamed Standard Crane. The combination of Crane 1 and Standard Crane offers our collective team a new and enhanced value proposition, including exceptionally talented teams, complementary service offerings, and differentiated equipment solutions. We will deliver more for our customers, suppliers, and shareholders. Importantly, we also will be able to provide greater opportunities for our employees.
Standard Crane will continue to expand its operations across the South and Southwest regions, servicing both existing and new customers at the high level of quality and responsiveness upon which its customers have grown to know and rely on. Standard Crane is a highly regarded regional provider with an excellent reputation, high integrity, and a very experienced management team. Standard Crane provides Crane 1 with the key attributes that we would look for in any acquisition including, but not limited to, top-tier technicians, a high-performing management team, consistent and growing customer base, and opportunities for expansion and continued growth.
With the ability to provide a strong equipment and service presence and skilled and trained technicians, the combination of our companies is a natural fit and aligns nicely with Crane 1’s vision of being the #1 independent provider of overhead crane inspection, service, and fabrication in the United States. The foundation of Standard Crane’s culture is its reputation for delivering reliable overhead crane solutions and standing behind its products and services to achieve 100% customer satisfaction. Standard Crane’s leader, Mac Hadden, who will continue to lead the team moving forward, has guided the Standard Crane organization through a period of significant growth and is recognized as a high-integrity, team-oriented leader.
“We are thrilled to add Standard Crane to our Crane 1 family and proud to welcome all our new team members. The combination of our companies adds another strategic building block for Crane 1 as a leading, independent technical field service company focused on providing safe and exceptional solutions which lead to enhanced equipment uptime and reliability for our customers. The purchase also aligns well with our Crane 1 strategy of growing through highly selective acquisitions with companies that have excellent reputations in the overhead crane market while allowing us to expand our geographic service footprint. Thomas Boscher, President and CEO of Crane 1
“Our team at Standard Crane has built an incredible company. Providing great products and excellent service to our customers is and will always be our main priority. We have grown by investing in the crane specific expertise of our employees who in turn produce the quality cranes and services for which we are known. As we transition from our current structure to the new relationship with Crane 1, I am proud to say we share the same core values of integrity, employee focus, and outstanding customer service. We are excited to become a part of the Crane 1 family. The additional resources provided by Crane 1 will give us the power to provide greater value to our customers, while remaining respectful, honest, and caring to our employees.” Mac Hadden, President of Standard Crane & Hoist
“Standard Crane is a high-quality company and shares the key values we seek in partners as we expand our national footprint. It has deep customer relationships grounded in exceptional customer service which is a strong foundation for us to grow long term in the southern United States market. We are excited to welcome Mac and his team to the Crane 1 family and look forward to building our footprint in the region in the coming months and years.” Sean Barrette, Partner, L Squared Capital Partners, and Chairman of the Board of Crane 1
We are all extremely excited about this strategic acquisition as we have nearly 100 team members and approximately 1,000 years of collective industry experience joining our team. Standard Crane is consistent with L Squared Capital Partners’ (our private equity sponsor) original investment thesis: provide capital support to allow for geographic service expansion and greater expertise within the overhead crane & hoist service industry. This transaction represents our tenth overall acquisition since 2015.
About Crane 1
Crane 1 is a leading provider of overhead crane MRO services and equipment that maximize safety, diminish liability, reduce maintenance costs, and increase overall productivity. The Company offers a full suite of services, including OSHA mandated inspections, maintenance, repair, design and installation of overhead crane systems and below-the-hook lifting devices. Additionally, Crane 1 recently launched a leading ecommerce site branded “Hoist Central,” providing customers with the highest level of service on hard-to-find controls and parts. Crane 1 is headquartered in Cincinnati, OH and now operates in 30 locations across 18 states. For additional information, please visit www.crane1.com or www.hoistcentral.com.
About Standard Crane
Standard Crane is a well-respected source for custom built overhead cranes and crane services. Operating in eight locations across Louisiana, Mississippi, and Texas, the company sells, services, inspects, repairs, and modifies overhead cranes and hoists of all makes and models.
About L Squared Capital Partners
L Squared Capital Partners is a private equity investment firm with over $2 billion of equity commitments under management and is headquartered in Newport Beach, CA. L Squared seeks to make long-term investments in leading growth companies that operate in targeted sectors: Education Technology, Tech-Enabled Services & Software, and Industrial Technology & Services. L Squared’s unique investor base of family offices and institutions enables the firm to focus on long-term value creation driven by revenue and earnings growth, not financial engineering, or market timing. The principals of L Squared have worked together for over 15 years and have over 125 years of combined experience investing in growing private companies. For more information, please visit www.lsquaredcap.com.
