Bensalem, Pa.-based AmQuip has been purchased by private equity firm Bard Capital Group LLC, Denver, Colo. The transaction was valued at more than $320 million.
"Bard Capital brings a dimension of financial expertise and operational guidance that will take AmQuip to the next level, allowing us to better serve our customers," said Frank Bardonaro, Jr., president of AmQuip. Bard Capital and AmQuip previously established a working relationship during AmQuip's acquisition of Shaughnessy Crane in March 2007.
According to a report on phillyburbs.com, AmQuip's president, Frank Bardonaro Jr., said he does not expect any staff reductions to result from the acquisition. He stated that the business will remain the same, and there will be opportunities for growth with the influx of capital, with possible expansion into new markets.
Richard Bard, chariman of Bard Capital, said the acquisition "will provide AmQuip with the access to capital to support its continuing increase in market share, its developing nationwide tower crane business, and growth through selected acquisitions." AmQuip will continue to operate under the same name.
Former president, Joseph Wesley, who has planned to retire from the daily operations of the company, will remain an investor and member of AmQuip's board of directors.
One of the largest crane rental businesses in the country, AmQuip has locations in Maryland, Pennsylvania, New Jersey, Ohio, Massachusetts, Alabama and Tennessee.
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