01.11.2023

EGI acquires CraneWorks

Private equity firm Equity Group Investments (EGI) has acquired a controlling interest in Houston, Texas based sales and rental company CraneWorks. The company’s founders, David Collis and Keith Ayers, along with senior managers, will retain a stake in the business and will continue to manage it. EGI president Mark Sotir, managing director Rahul Sen, and vice president Faizan Kabir will join the Crane Works board of directors.

CraneWorks was established in 2002 and runs a fleet of around 300 cranes and operates a fast-growing replacement parts and service division, alongside a used crane sales operation. It is also a full service dealer for a wide range of manufacturers including Tadano, Cormach, Fassi, IMT, Auto Crane, JLG, Gehl, Manitou, Palfinger, National Crane, Manitex and Versalift.

EGI president Mark Sotir said: “With more than 20 years in operation, CraneWorks is well established in the industry and has excelled under David and Keith’s leadership. EGI has a proven track record of successfully scaling businesses, and this alignment offers an exciting opportunity to partner with CraneWorks through its next phase of growth.”

David Collis and Keith Ayers added: “After two decades of growth, we are excited to partner with EGI to accelerate our strategy of expanding into new markets and growing our equipment sales, rental, parts and service businesses in conjunction with our OEM partners, which are key to our success. EGI’s history of growing businesses was very attractive to us in selecting a partner. They offer knowledge and experience across multiple industries for a broader perspective on best practices and insights.”

Rahul Sen of EGI said: “CraneWorks has incredible brand depth across the country, is consistently ranked a top dealer in each of its markets, and has a diversified and loyal customer base,” said Sen. “We see significant opportunity to continue to strategically expand the business and look forward to working with CraneWorks senior management.”

Founded more than 50 years ago by Sam Zell, EGI promotes itself as a long term investor, that looks to accelerate the growth curve of the companies it invests in, while remaining on board for an extended period. Its current portfolio includes investments in healthcare, transportation and logistics, infrastructure, energy, consumer, industrial, manufacturing, agri-business, and real estate.