25.05.2007

Coast crane changes hands

Coast Cranes, the Seattle based crane and access rental company has been acquired by Northern Capital Appreciation which is also based in the rainy city, from Audax private equity.

Audax, which is based in Boston, has owned Coast since July 2004 when it purchased the business from Ralph Hovis, who founded the business in 1971 in Portland, Oregon.

Coast Crane has revenues of around $100 million and sells and rents cranes and aerial lifts from 13 locations.

Chief exwcutive Dan Goodale is a Crane industry veteran who worked for Grove before joining Coast some 25 or so years ago. The company has been a major Grove dealer for many years and now handles Manitowoc and Potain.
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Dan Goodale

"Coast has grown substantially over the past few years as a result of strong commercial, energy and power and infrastructure construction markets, and an increase in maintenance projects by our 4,000-plus customers along the West Coast," said Goodale.

Since Adax purchased Coast the company added a branch in San Diego and acquired SI Equipment Services in January 2006. The acquisition expanded the company’s coverage of California and accelerated its entry into the tower crane rental market.

Geoffrey S. Rehnert, Co-chief executive of Audax, said: “We were able to achieve our key objectives for Coast Crane in a relatively short time frame.

We put in place a new senior management team, implemented financial controls and systems to optimise crane utilisation, and sourced and integrated an add-on acquisition that broadened the company’s product line and geographic reach.

We wish Dan Goodale and his management continued success.”