Western Allegheny Capital and Tecum Equity Partners on Tuesday confirmed the acquisition of Pinnacle Cranes is the authorized dealer in North and South Carolina for Link-Belt Cranes; Manitex Boom Trucks; and Shuttlelift Industrial Carry Deck Cranes who maintains a large crane rental fleet and stocks a new crane inventory allowing for a timely delivery.
Tecum Equity is an equity control buyout fund announced in May 2017 that’s backed by Western Allegheny, the family office of Cliff Forrest, who is president of Kittanning-based Rosebud Mining Co.
Pinnacle is a crane service company established in 2001 as a division of CTE, formerly known as Carolina Tractor and Equipment Co., a provider of equipment, technology, and rental services to industry sectors including construction and power generation in the southeastern U.S. An authorized dealer in the Carolinas for Link-Belt Cranes and Manitex, Pinnacle has service facilities in Charlotte and Raleigh and will keep its name.
Terms were not released.
“We aren’t disclosing the amount, but this was a material transaction,” Stephen Gurgovits Jr., Tecum Equity’s managing partner, said.
Originally, Pinnacle was viewed as an add-on to Tidewater Equipment Co., a Brunswick, Georgia-based distributor of forestry and related equipment. Tecum Equity had announced a recapitalization of Tidewater in September 2018.
“But the more we studied the business,” Gurgovits said, “we realized this could be a great platform investment on its own merit.”
Now the strategy includes finding add-ons for Pinnacle.
“We will opportunistically look at acquisition opportunities in the space,” Gurgovits said.
Tecum Equity is managed by Wexford-based Tecum Capital Management, which also has a separate SBIC fund, that can leverage matching dollars from the U.S. Small Business Administration.