Balance Point Capital, a Westport, CT-based alternative investment manager, in conjunction with its affiliated fund, Balance Point Capital Partners IV, L.P., made a follow-on investment in CraneTech Inc., a Stockton, CA-based a provider of overhead crane inspection, maintenance, and manufacturing services across the U.S.
The amount of the deal was not disclosed. Balance Point delivered a flexible financing solution that facilitated CraneTech’s acquisition of Ameracrane and Hoist.
Founded in 2004, CraneTech is a provider of overhead crane inspection, maintenance, and manufacturing services across the U.S. It serves a variety of customers and end markets, including the manufacturing, aerospace & defense, automotive and metals industries, among others. The company was acquired in 2021 by Steel River, which is a permanent holding company created to build industrial services businesses across the lower middle market.
Commenting on the news, Seth Alvord, Managing Partner at Balance Point, said: “We believe this transaction will significantly bolster the strength of the CraneTech platform and we look forward to continued growth from the team.”
FinSMEs
14/11/2023