Revisiting the most impactful acquisitions of 2024 so far

As we near the end of 2024, mergers and acquisitions have dominated news in the crane and specialized transportation sector, shaking up the industry. Many of ACT’s top lists, such as the ACT100 and ACTTransport50 will be greatly impacted by these developments. Here are a few of the most noteworthy transactions.

ACT highlights several transactions thus far in 2024.

JANUARY

■ In early January 2024, Barnhart Crane and Rigging purchased South Carolina-based White Crane, marking the company’s second branch in the state.

■ In the company’s second acquisition of the 2024, Barnhart acquired Baxter Crane and Rigging of Tupelo, MS. The purchase agreement includes Baxter’s crane rental service, equipment and employees.

FEBRUARY

■ Barnhart Crane and Rigging purchased CR Holland Crane Service of Forest City, IA. The acquisition marks Barnhart’s fifth branch in Iowa, further solidifying the Memphis-based company’s presence in the upper Midwest, where it also operates branches in Illinois, Minnesota, Nebraska, South Dakota and Wisconsin.

■ North American specialized transport operator Daseke was acquired by TFI International in an all-cash transaction worth $1.1 billion. TFI is a Canadian general transport and logistics company that has made 126 acquisitions in the U.S. and Canada since 2008. Daseke is more involved in specialized transport. It has a fleet of 4,900 tractors, 11,000 flatbed and specialized trailers, plus one million square feet of industrial warehousing. Daseke is the sixth largest specialized transport company in the world according to the 2023 ICTransport50 ranking. In the ACTTransport50 ranking, just for North America, Daseke is ranked in second place.

■ Industrial services group Steel River in the U.S. purchased crane and equipment repair specialist WHECO. WHECO repairs, restores and inspects cranes and other heavy equipment worldwide. It specializes in repairing accident-damaged cranes and offers certificates and warranties. Facilities include shops down the west coast of the U.S. and a shop in South Carolina. Steel River said it aims to build a lifting equipment solutions platform across the nation. Adding WHECO’s team of more than 60 employees to Steel River, mostly on the west coast, takes the total above 250. The acquisition reinforces the Steel River CraneTech division by expanding capability in mobile cranes and aerial work platforms.

■ Rope company Samson in the U.S. acquired French rope company Corderie Henri Lancelin. The deal between Washington-based Samson and Ernée-based Lancelin was for an undisclosed sum. Lancelin is a fourth-generation family company started in 1907. It is known as an innovator, especially in the field of maritime ropes. It has a testing facility with a machine capable of breaking ropes with a strength of up to 661 tons.

MARCH

■ The Bay Crane Companies has purchased two crane service companies in the Mid-Atlantic region from ML Holdings (ML): United Crane & Rigging and Crane Rental Company. This acquisition adds to Bay Crane two full-service locations in Baltimore, MD and Capital Heights, MD, along with a fleet of 88 cranes and hoists and almost 200 trucks, trailers and other support equipment.

■ Bennett On-Site Services, operating as BOSS Crane & Rigging and its subsidiary BOSS Heavy Haul, affiliates of the Bennett Family of Companies, has acquired over-the-road super heavy haul transport equipment, along with drivers and operational managers, from Cowboy’s Services’ division CSI Heavy Haul. CSI Heavy Haul, formerly operating out of Channelview, TX, brings decades of experience as an expert in specialized super heavy haul, heavy haul and trucking services since its establishment in 1983.

■ United Rentals completed the acquisition of temporary roadway rental business Yak Access, Yak Mat and New South Access & Environmental Solutions from Platinum Equity for $1.1 billion in cash. Yak rents a fleet of 600,000 hardwood, softwood and composite mats to provide surface protection in construction and maintenance and repair operations, in particular for utility and midstream oil and gas customers. Yak generated revenues of $353 million in the year to December 31, 2023.

APRIL

■ Quebec-based Nova Permits and Pilot Cars has acquired the assets and the integration into its operations of all services offered by Secure Specialized. Nova Permits and Pilot Cars has developed expertise in specialized transport permits throughout North America for 34 years. Secure Specialized, located in Clifford, Ontario, has been providing routing, logistics and pilot car services to all specialized transport companies in Ontario, the Northeastern United States and Western Canada for 12 years. Ryan Dodd, president of Secure Specialized, will continue to serve his clientele.

■ Industrial and port crane manufacturing group Konecranes has acquired German port crane company Kocks Kranbau. The acquisition, for an undisclosed sum, gives Finland-based Konecranes access to new European and global customers, the company said.

MAY

■ Bishop Lifting, a portfolio company of Altamont Capital Partners, has completed the acquisition of Oceanside Equipment, a wholesale distributor of rigging and mooring products. Headquartered in Dartmouth, Nova Scotia, and with a location in Mount Pearl, Newfoundland, Oceanside was founded in 1990. Oceanside marks Bishop’s fourteenth acquisition since 2012 and is the seventh add-on acquisition since Altamont’s investment. 

■ Mazzella Companies has purchased Piedmont Hoist & Crane based out of Winston-Salem, NC. Effective immediately, Piedmont Hoist & Crane will operate as Mazzella Piedmont. Terms of the transaction are not being disclosed.

■ Crane and specialized transport operator Havator has been acquired by BMS Stangeland A/S, a joint-venture crane and heavy transport company in Scandinavia. Danish crane company BMS and Norway’s Stangeland, owner of Crane Norway, have expanded their collaboration with their joint acquisition of Havator in Finland and Sweden. Stangeland and BMS initially established their joint venture in 2021 with the sale by BMS of Kranringen to the Stangeland-owned Norwegian crane company, Crane Norway Group. At the same time BMS bought 50 per cent of Stangeland’s holding in Crane Norway Group.

■ JLG’s owner, Oshkosh Corp, is to buy Spanish compact equipment specialist Ausa for €115 million. The deal will see the manufacturer become part of Oshkosh’s Access segment alongside aerial platform supplier JLG. Ausa, which reported revenues of €132 million in 2023, makes compact telehandlers, site dumpers, forklift trucks as well as cleaning machines. Based near Barcelona, it employs 350 people and has 600 dealers in 90 countries worldwide. The purchase price is debt free and payable in cash.

JUNE 

■ Canada’s NCSG has been acquired by Barnhart Crane and Rigging Co. in the USA. Lifting and transport specialist NCSG of Acheson, Alberta, is Barnhart’s first international acquisition and also its largest. NCSG began in 1987 as Northern Crane Services and now has 400 employees at eight depots in addition to its corporate HQ. They are in Edmonton, Bonnyville, Calgary, Fort McMurray, and Grande Prairie, Alberta; Fort St. John and Terrace, British Columbia; and Regina in Saskatchewan.

JULY 

■ Crane rental specialist Capital City in the USA has acquired cranes and related equipment from Midwest Equipment Company. Bay Crane Companies subsidiary Capital City Group has expanded its presence in the Cleveland area with the acquisition from Midwest at Garfield Heights, OH. The Midwest Crane Rental premises will become the Capital City Cleveland branch.

■ Tower crane manufacturer Wolffkran has ended its joint venture in Norway with Mikkelsen AS. The company said that despite a successful initial phase since it commenced in 2021, challenges arising from current market conditions had led to an agreement with Mikkelsen to end the partnership from June 2024. As a result, Wolffkran will now hold 100 percent ownership of Wolffkran Norge AS, which was created as part of the joint venture to provide rental and sales of Wolffkran tower cranes in the country.

AUGUST 

■ Barnhart Crane and Rigging has purchased Mountain States Crane of Albuquerque, NM. The acquisition includes Mountain States’ operated crane rental service, all associated personnel and equipment. The purchase marks Barnhart’s fifth acquisition this year and its first in New Mexico.

■ On 30 August Denzai KK acquired fellow lifting and transport specialist Kurogane Corporation in Japan. Kurogane has a 77 year history in Kyushu and it is Denzai’s first foray into the region. Commenting on the deal Kohki Uemura, Denzai president and CEO, said, “Kurogane Corporation is a long-established major company with a 77-year track record in Kitakyushu City, which has been selected as a base port for offshore wind power generation. It has been providing services to Nippon Steel Corporation’s Kyushu Works in the Yahata and Oita as an onsite subcontractor, and is highly trusted by the company. Kurogane’s equipment and human resources will be integrated to achieve further development and success of both companies.”

SEPTEMBER 

■ Stephenson Equipment (SEI), a supplier of construction, public works equipment and cranes across Pennsylvania and Upstate New York in the USA, has acquired Valley Supply & Equipment, which operates in Maryland, Virginia and Washington, D.C. By expanding the company’s presence in the Mid-Atlantic region, Valley Supply’s customers will benefit from SEI’s inventory, rental fleet, parts and additional service technicians and product specialists.

■ Japanese crane maker Tadano Ltd will acquire Manitex International, an international manufacturer of truck cranes, loader cranes and specialized industrial equipment. The deal announced 12 September is an all-cash transaction at an equity value of US$123 million and with a total transaction value of $223 million, including outstanding debt. Manitex will become a wholly owned subsidiary of Tadano. Manitex shareholders will receive $5.80 per share in cash, which represents a premium of approximately 52.2 percent over the company’s closing share price of $3.81 on September 11, 2024. Upon completion of the transaction, Manitex’s shares will no longer trade on NASDAQ or any other public market, according to sources.

■ Interplay Learning, a provider of immersive skilled trades training, has secured funding from Goldman Sachs Alternatives and acquired Industrial Training International (ITI) in the USA to expand its footprint in key sectors. With the acquisition of ITI, Interplay is expanding into the industrial sector, furthering its aim to reach every industry that faces a chronic labor shortage. Founded in 1986, ITI is a long-serving provider to many companies and governmental entities in the crane and rigging sector. ITI has brought immersive simulation training to the market.

■ Allegiance Crane & Equipment has completed the acquisition of Scott-Macon, parent company of Scott-Macon Equipment. Scott-Macon Equipment, a well-established dealer for Tadano, Broderson and Kobelco cranes, will now serve as the bare rental and equipment distribution arm of Allegiance.