01.08.2012

Ace takes Gaffey

Columbus McKinnon has sold the Gaffey overhead crane division of its Crane Equipment and Service business to Ace Industries. The business has been rebranded as ACE-Gaffey.
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Gaffey is located in Cleveland, Texas and covers the South-Central and Mid-Western states, it contributed around $20 million of revenue to Columbus McKinnon in the fiscal year that ended March 31st. The deal is an asset sale and no details have been released.

Ace is a provider of crane and hoist replacement parts, service and engineering services it said: “We believe both Ace and Gaffey will benefit from this acquisition as we are able to leverage Ace’s leading edge service processes to enhance the market presence that Gaffey maintains. Additionally, Gaffey’s coverage in Texas and the surrounding areas will open new markets for Ace's distribution and rigging departments.”

Columbus McKinnon chief executive Timothy Tevens added: "Gaffey has been a solid division of our company for many years, but given the nature of its business as a crane manufacturer and service provider, Ace Industries is a more logical owner of Gaffey. Ace Industries is a well-respected channel partner which is focused on crane production, service and rigging."