NASHVILLE–(BUSINESS WIRE)–Maxim Crane Works, L.P. (“Maxim Crane”) and Solley Equipment & Rigging, LLC (“Solley Crane”) jointly announced that the companies have entered into an agreement pursuant to which Maxim Crane will acquire Solley Crane. Solley Crane is one of the most respected and recognized family-owned companies in the Central Tennessee and Northern Alabama regions. The combination of Solley Crane and Maxim Crane enhances Maxim Crane’s full-service, nationwide crane rental and lifting solutions platform and expands its operations in one of the nation’s key geographic regions.
With Maxim Crane’s coast-to-coast footprint, providing engineering, equipment rental, turnkey lift services, rigging and heavy haul and transportation services, Solley Crane’s team and customers will gain access to one of the largest modern fleets of full service lifting solution equipment in the world. Further, Solley Crane’s position as one of the largest providers of mobile crane services within the company’s growing regional markets will enhance and expand Maxim Crane’s presence in these markets through the addition of the Solley Crane fleet and the expertise of Solley Crane’s industry professionals.
Bryan Carlisle, CEO of Maxim Crane, stated, “The Solley Crane merger provides access to one of the most experienced teams of crane professionals in the region. They have an outstanding reputation and their fleet provides customers with a ‘best in class’ brand of products, parts, services and rental equipment. We are excited about this amazing combination and look forward to providing our team members and customers with the additional geographic coverage and services that Solley Crane and its team bring to our company.”
Ronnie Solley, owner of Solley Crane, is proud of his company and the opportunity that the team has to join with Maxim Crane, stating, “Solley Crane was started by my father, Ray, and the business has been the heart and soul of our family and employees for nearly 50 years. This merger will ensure that our employees, families and customers continue to enjoy the type of service, safety, and commitment that they have had in the past and guarantee that our business will continue for the next 50 years and beyond. We know the Maxim Crane Team extremely well and believe that this is a perfect combination that will allow both teams to thrive by working together toward common goals of safety, service and success.”
Frank Bardonaro, COO of Maxim Crane, stated, “Our respective companies have always had a great working relationship. This combination will demonstrate to our customers and employees that we are committed to providing the rigging, storage and crane related services needed to support the robust growth in the Southeast. I have known Ronnie for over 15 years and have always admired and respected what he and his family have accomplished. We are excited that Ronnie and his team will remain intact to help lead the region and to continue their near five decade business legacy. The most valuable component of this merger is the team that Solley Crane brings to the table. We are excited to have Ronnie lead the integration process and combine the Solley Crane and Maxim Crane teams to continue the successful growth that both organizations have developed throughout the market. The combined fleet, footprint and services that Solley Crane brings to the Maxim Crane Company of Families ensures our customers and employees that they can rely on Maxim Crane/Solley Crane to be the best ‘One-Stop-Shop’ for every type of specialty lifting service in the region,” added Maxim Crane Chief Operating Officer, Frank Bardonaro.
About Solley Crane
Founded in 1972 by Ray Solley and now owned and operated by his son, Ronnie, Solley Equipment & Rigging, LLC, is a leading provider of crane rental and related lifting services including all types of construction and industrial projects throughout Central Tennessee and Northern Alabama.
About Maxim Crane
Founded in 1937, Maxim Crane is one of the largest lifting solutions businesses in North America. Maxim Crane, with its affiliated companies, serves more than 10,000 customers through its fleet of over 2,600 cranes and 56 branches. Maxim Crane’s full suite of lift solutions include operated and maintained cranes, bare rental cranes, heavy haul/rigging services, and value-added advisory services. Maxim Crane offers a full portfolio of cranes used in a variety of end markets. For more information please visit http://www.maximcrane.com/.
Forward Looking Information Disclaimer
Some of the statements in this press release constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include statements regarding the parties’ intent and belief or current expectations and may be identified by the use of words like “anticipate”, “believe”, “estimate”, “expect”, “intend”, “may”, “plan”, “will”, “should”, “seek”, the negative of these terms or other comparable terminology. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements. Important factors that could cause actual results to differ materially from expectations include, without limitation, the ability of the parties to satisfy the conditions set forth in the stock purchase agreement and otherwise consummate the sale transaction, as well as matters beyond the parties’ control. Forward-looking statements are not guarantees of future performance, results or events.
Maxim Crane Works, L.P.:
Patrick Lillis, (412) 504-0199