July 20, 2018
Crane 1 Services, Inc. ("CRANE 1") has acquired Absolute Crane Service, Inc. (“Absolute Crane”), a provider of overhead crane services and equipment. Headquartered in Houston, Texas, Absolute offers a broad portfolio of critical services including inspections, maintenance, repair, design, and installation of new and refurbished equipment and parts for overhead cranes.
Absolute has been in business for over 20 years and expands CRANE 1's market reach into the 4th largest city in the United States which is also known as "the crane capital of the world."
“We are thrilled to add Absolute Crane to the CRANE 1 family as it represents our first entrance into the rapidly growing Texas market,” said Bob Vevoda, President, and CEO of CRANE 1. “We plan to leverage the principles of high-quality service, timeliness, and integrity that have made Absolute so successful to date to continue our aggressive expansion throughout the rest of Texas and the Gulf Coast.”
Under the leadership and previous ownership of Mark Lupo, who will remain with CRANE 1 as the Division Manager of our new Houston location. Mark has built a talented and experienced team of managers, technicians and administrative staff. They have strong service partnerships with numerous industrial facilities in the Houston area and provide the same quality of safety inspection, maintenance and repair offerings as CRANE 1.
CRANE 1 will provide financial and operational resources to help accelerate our capabilities and growth within the Houston market and plan further expansion in the state of Texas
This acquisition is consistent with Pfingsten Partners, our private equity sponsor's commitment to providing capital support to allow for geographic expansion within the crane and hoist industry.