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Turnspire Capital Partners acquires Crane Carrier Company

Turnspire Capital Partners (Turnspire), a special situations-focused private equity firm, has created a new company, Crane Carrier Holdings, to acquire the specialty vehicle group of Hines Corporation, which designs, manufactures and sells heavy-duty truck chassis, complete vehicles and aftermarket parts for specialty markets. 

Headquartered in New Philadelphia, Ohio, Crane Carrier produces specialty trucks under three brands: the namesake Crane Carrier Company (truck chassis), Crane Carrier Company Engineered Chassis and CyKlone® Mixers with Kimble Technology.
Turnspire Managing Partner Ilya Koffman says: “We are thrilled to acquire Crane Carrier, which is an ideal fit with our operationally focused investment strategy. The Company capitalised on its strong brands and customer relationships to grow its refuse and specialty truck business as a non-core division of Hines Corporation. As an independent company under Turnspire’s ownership and led by its talented management team, Crane Carrier can build upon its foundation to achieve operational excellence and sustainable growth.” 
Crane Carrier will continue to be led by President and CEO Randy Rollins. Rollins and other members of the management team partnered with Turnspire on the acquisition and will hold meaningful ownership stakes in the Company. In addition, Jim Marcotuli (Marco) and Scott Thompson have joined Crane Carrier’s Board of Managers. Messrs. Marcotuli and Thompson are accomplished executives with significant relevant experience in specialty vehicles and the refuse end-market, and deep industry networks. 
“We are excited to embark on the next chapter of Crane Carrier’s growth as an independent company,” says Rollins. “In Turnspire, we have a financial partner with whom we share the same vision, the same drive to excel and the same values. With the benefit of Turnspire’s operational and strategic resources, including Marco’s and Scott’s experience and relationships, Crane Carrier is now even better positioned to take advantage of the growth opportunities in the refuse and specialty truck markets.” 

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