Crane giant AmQuip sold to Cal. buyout firm
Clearlake replaces Altpoint as owner of $150M Trevose firm
Clearlake Capital Group LP, Santa Monica, says it has agreed to buy Trevose-based crane-leasing giant AmQuip Holdings LLC, which employs more than 200, at offices from Boston to Dallas, managing 500 constructoin derricks for jobs like the now-bankrupt Revel casino in Atlantic City, Philadelphia high-rises, and Sunoco Logistics' conversion of its Marcus Hook refinery into a natural gas shipment center. AmQuip sales total around $150 million a year. The buyers won't say what they are paying.
Seller is a group led by New York-based Altpoint Capital Partners LLC, which bought the firm in 2007 with help from Lehman Bros., Bard Capital Group LLC, and Joseph L. Wesley Sr., who founded AmQuip in 1967. AmQuip CEO Albert Bove will join Clearlake founding partner Joseph Feliciano and two of his Clearlake colleagues on the board.
The deal was funded by Wells Fargo Capital Finance (lead arranger; admin agent) with PNC and CIT (lead arrangers) and Capital One. AmQuip was advised by Oppenheimer & Co. and RBC Capital Markets.