Turnspire Capital Partners recently acquired the specialty vehicle group of Hines Corporation, which designs, manufactures and sells heavy-duty truck chassis, complete vehicles and aftermarket parts for specialty markets.
Turnspire said the newly acquired group now is called Crane Carrier Holdings, an independent company under Turnspire ownership.
Headquartered in New Philadelphia OH, Crane Carrier produces specialty trucks under three brands: the namesake Crane Carrier Company (truck chassis), Crane Carrier Company Engineered Chassis and CyKlone Mixers with Kimble Technology.
“We are thrilled to acquire Crane Carrier, which is an ideal fit with our operationally focused investment strategy,” said Ilya Koffman, Turnspire’s managing partner. “The company capitalized on its strong brands and customer relationships to grow its refuse and specialty truck business as a non-core division of Hines Corporation.
“As an independent company under Turnspire’s ownership, and led by its talented management team, Crane Carrier can build upon its foundation to achieve operational excellence and sustainable growth.”
Crane Carrier will continue to be led by Randy Rollins, the company’s president and CEO. Rollins and other members of the management team partnered with Turnspire on the acquisition and will hold ownership stakes in the company, Turnspire said.
In addition, Jim Marcotuli and Scott Thompson joined Crane Carrier’s board of managers. Marcotuli and Thompson are accomplished executives with relevant experience in specialty vehicles and the refuse end-market.
“We are excited to embark on the next chapter of Crane Carrier’s growth as an independent company,” said Mr. Rollins. “In Turnspire, we have a financial partner with whom we share the same vision, the same drive to excel and the same values.
“With the benefit of Turnspire’s operational and strategic resources, including Marco’s and Scott’s experience and relationships, Crane Carrier is now even better positioned to take advantage of the growth opportunities in the refuse and specialty truck markets.”