Allegiance Crane & Equipment Acquires USA Mobil Crane
Published September 12, 2012
Categories: Mergers & Acquisitions
Prophet Equity announced that its portfolio company Allegiance Crane & Equipment, a provider of crane and rigging services, has completed the purchase of the assets of USA Mobile Crane. The combined business will operate as Allegiance Crane & Equipment.
The acquisition of USA Mobile Crane’s business, with a fleet consisting of mobile cranes (60-225 tons in capacity) and the accompanying trucks, trailers and other assets, represents both a geographic expansion to two new branch locations in San Antonio and Carrizo Springs, Texas and a significant increase in exposure to the oil and gas industry.
Pelham Smith, managing director of Allegiance said, “The continued strong financial performance and industry leading balance sheet, combined with the backing of Prophet Equity, have allowed us to create and expand a uniquely flexible credit facility, enabling acquisitions of strategic add-ons and equipment wherever necessary for growing our business.”
Ross Gatlin, CEO and managing partner of Prophet Equity commented, “The successful acquisition of USA Mobile Crane accomplishes multiple strategic objectives, including expanding our high quality customer and employee base as well as continuing to enlarge our fleet, diversifying our customer and service offerings and extending our geographic reach and facility base.”
Pompano Beach, FL-based Allegiance, with operations in Pompano Beach, Houston, TX, San Antonio TX and Carizzo Springs, TX, has a fleet of well over 100 cranes and hoists. The crane fleet includes mobile cranes, crawler cranes and tower cranes.
Prophet Equity is a private equity firm that, over the last decade, has invested and managed over $2 billion of value across over 30 entities with over $4 billion in revenue.