28.10.2011

Platinum Equity acquires Nesco

Platinum Equity, owner of Maxim Crane Works, has acquired North American based utility aerial lift specialist Nesco from an investor group led by Hammond, Kennedy, Whitney & Company (HKW).

Nesco’s founder and chief executive Rob Troxel will retain a stake in the business terms of the transaction have not been disclosed. It has been a ‘portfolio company’ of HKW Capital Partners III, since August 2007.

Nesco is based in Bluffton, Indiana and specialises in bucket trucks, digger derricks and lifting equipment for utilities. It runs a rental fleet of over 1,500 lifts from 32 locations across North America and carries a substantial inventory of new equipment for sale. At the end of last year it purchased
Terex Utilities’ Western rental fleet, it has aerial lifts from Terex, Bronto, Elliot and others along with some Mantis crawler cranes and National boom trucks.
Please register to see all images

One of Nesco's Terex bucket trucks

An operations team from Platinum has been deployed to assist with the transition, while its mergers & acquisition team will be working closely with Nesco to identify acquisition opportunities.

Louis Samson of Platinum Equity led acquisition and said: "Nesco has one of the most comprehensive fleets in the industry, a strong national network and a true commitment to customer service. We look forward to partnering with Nesco’s management team and talented employees to help the company achieve new levels of success."

Troxel added "Partnering with Platinum Equity is very exciting for our organisation, our customers and all of our partners. Platinum understands our business, and their culture and experience in the equipment rental market make them a great fit for us."

Glenn Scolnik, HKW's chairman and outgoing chairman of Nesco's said: "Nesco is a premier company and a leader in its segment. We are proud of what we have accomplished with the Nesco team -- it's a tremendous organisation with a strong culture. Platinum brings additional resources that can help it evolve and continue growing to better serve its customers. It is a win-win for everyone."

Platinum Equity acquired Maxim Crane Works in 2008 and 2009 purchased Dutch based Geesink Norba, the refuse collection vehicle manufacturer from Oshkosh. The company has an extensive and mixed portfolio of businesses.