Equity Group Investments (EGI), the private investment firm founded by Sam Zell, yesterday announced an investment in CraneWorks, a dealer of new and used truck-mounted and related mobile crane equipment. EGI is partnering with CraneWork’s co-founders and senior management team who will continue to lead the business and retain an ownership stake in the company. The partnership provides strategic support and a source of additional capital for greenfield expansion and acquisitions for the organization. EGI President Mark Sotir, Managing Director Rahul Sen, and Vice President Faizan Kabir will join CraneWork’s board of directors, alongside the company’s co-founders David Collis and Keith Ayers.
CraneWorks is one of the largest crane dealerships in the U.S. by fleet with a differentiated, full-service dealer offering. “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,” said Sotir.
“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, and parts and service businesses in conjunction with our OEM partners – which are key to our success,” said Collis. Ayers added: “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.”
CraneWorks has a fleet of more than 300 cranes across its new, used, and rental segment, and a strong and fast-growing aftermarket parts and service division. The company services commercial, residential, infrastructure construction, transmission and distribution, and energy customers.
“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.”
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