Holding company sells vehicle group to private equity firm
An industrial manufacturing holding company has sold its vehicle group to an out-of-state private equity firm.
Spring Lake-based Hines Corporation said last week it sold its Hines Specialty Vehicle Group — consisting of Crane Carrier Company and Kimble Mixer Company — to New York-based Turnspire Capital Partners.
Terms of the deal were not disclosed.
Crane Carrier and Kimble Mixer are now an independent company operating as Crane Carrier Company, or CCC, and based in New Philadelphia, Ohio.
“I sincerely believe the company (CCC) is well positioned to grow and prosper for many years to come,” said Larry Hines, president, Hines Corporation.
Along with acquiring CCC’s operations, Turnspire made “a substantial investment” in CCC and will continue to support the company with financial and strategic resources.
Randy Rollins, president and CEO of CCC, will lead the company moving forward, with input from Turnspire.
“It’s an exciting time for the growth and development of our company,” Rollins said. “Demand for the quality and durability of our products is growing, as we continue to attract prominent customers and expand our aftermarket parts and customer service networks.
“Uniting with Turnspire and their record of fostering operational excellence and growth initiatives will allow us to best position Crane Carrier Company for the future.”
lya Koffman, managing partner at Turnspire Capital Partners, said CCC is "an ideal fit for our strategy of investing in high-quality businesses in specialty markets.”
“We look forward to working with the talented, experienced and dedicated leadership team and valued employees of CCC to support the company’s continued growth through their best-in-class products and superior customer service,” Koffman said.