Purchase of Leading U.S. Crane Company’s Assets by Prophet Equity Originated by PCE Investment Bankers

PCE Investment Bankers announces the recent acquisition of Pompano Beach, Fl.-based General Crane USA’s Assets by Allegiance Crane & Equipment and Prophet Equity. The transaction was originated by PCE Investment Bankers.

Jim Robertson, President of Allegiance Crane & Equipment, and former Managing Partner of General Crane USA stated, “Prophet Equity is my ideal partner. I appreciate all the help PCE Investment Bankers provided. I could not have asked for a better result. I look forward to partnering with Prophet Equity to build Allegiance Crane & Equipment.”

After PCE thoroughly evaluated the pool of investors, Prophet Equity emerged as the perfect candidate that could best provide General Crane USA with the operational and financial support it needed to successfully emerge from bankruptcy. “The combination of Allegiance Crane & Equipment and Prophet Equity has created a significant platform that will build on the company’s already substantial position in the marketplace,” said PCEs Michael Rosendahl, lead investment banker on the transaction.

General Crane USA had filed for reorganization in December 2009 after the economic downturn triggered severe slowdowns in the construction industry.  The South Florida Company was forced to cut spending and reduce its fleet of tower cranes, crawler cranes, truck cranes and related assets. General Crane USA has ranked as a leading provider of hoisting services and was recognized as an industry leader for safety and employee satisfaction.

The Allegiance Crane & Equipment transaction enhances PCE’s experience and knowledge in the power and heavy equipment sector.  This is the second transaction in the crane rental, heavy haul and rigging sectors in which PCE has played an instrumental role.  In August 2009, PCE initiated and advised Crane Rental Corporation in its recapitalization with Hammond Kennedy Whitney.  Additionally, PCE has provided advisory services to numerous other companies in this sector.

About PCE Investment Bankers:

PCE Investment Bankers (www.pcecompanies.com) is a leading investment bank for middle-market companies, offering clients a full range of investment banking services including mergers and acquisitions, ESOPs, business valuations, litigation support, growth capital options, fairness opinions, advisory planning, research and stock-index services.  PCE is experienced in all market sectors and has established several specialty practice areas, including Consumer, Diversified Industrial – Infrastructure & Power, HealthCare, Construction & Building Products, Manufacturing, and Food.  PCE Investment Bankers is a member of FINRA and SIPC. PCE has offices in Winter Park and Tampa, Fl.

About Prophet Equity:

Prophet Equity (www.prophetequity.com) was founded in 2007. The private equity firm, based in Southlake, Texas, focuses on investing in under-performing businesses whose cash flow can be increased through operational improvements. Prophet Equity’s principals have invested in and managed approximately $400 million of control equity in companies with over $4 billion in aggregate revenue historically. The 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.

If you have comments or questions about this article, or would like more information on this subject matter, please contact us.
Michael Rosendahl

Investment Banking
mrosendahl@pcecompanies.com
New York Office

407-621-2100 (main)
201-444-6280 Ext 1 (direct)
407-621-2199 (fax)