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Press release content from Business Wire. The AP news staff was not involved in its creation.

Shaughnessy & Ahern Crane Co. and S&A Cranes LLC to Be Acquired by Maxim Crane Works

May 3, 2019

BOSTON--(BUSINESS WIRE)--May 3, 2019--Maxim Crane Works, L.P. (“Maxim”) and Shaughnessy & Ahern Crane Co. and S&A Cranes LLC (“Shaughnessy Companies”) today jointly announced that the companies have entered into an agreement pursuant to which Maxim will acquire the Shaughnessy Companies. The Shaughnessy Companies are one of the oldest providers of crane rental and related lift solutions servicing the Boston Region for over a hundred years. Maxim’s acquisition of the Shaughnessy Companies enhances Maxim’s full-service, nationwide crane rental and lifting solutions platform and expands its operations in one of the nation’s most critical regions.

Following the closing, Maxim will begin integrating the Shaughnessy Companies with its existing operating business. Customers will continue to receive the same high quality service they have come to expect. Through Maxim’s coast-to-coast footprint, engineering, operated rentals and heavy haul services, the Shaughnessy Companies team and customers will gain access to one of the largest modern fleets of full service lifting solutions in the world.

Bryan Carlisle, Chief Executive Officer of Maxim, stated, “the Shaughnessy Companies offers one of the most experienced teams of crane professionals in the region. Their state of the art fleet provides customers with a ‘best in class’ brand of products, parts, services and rental equipment. We are confident that the combination of the Shaughnessy Companies and Maxim will bring added value to our combined customer base, employees and the industry.”

Jack and Mike Shaughnessy are extremely honored and look forward to have S&A/Maxim lead the Shaughnessy Family of cranes legacy into the next generation. Paul Preziosi, now VP of the New England region for the combined S&A/Maxim added, “We are excited to combine the people and expertise of our industry leading companies to provide the additional equipment and services.”

“Our teams have always had a great working relationship. This combination will ensure our customers that we can continue to provide the rigging, storage and crane related services needed to support the robust growth in our New England market. It is an honor to work with the Shaughnessy family and team and to continue their 100+ year legacy into the next generation of leadership,” added COO, Frank Bardonaro.

About Shaughnessy & Ahern Crane Co. and S&A Cranes LLC

Founded in 1916, Shaughnessy Companies, with corporate headquarters in Boston, MA services customers throughout the Boston area and Northeastern United States with its continuously updated fleet of cranes ranging from 15 to 275 ton capacities and a supporting truck fleet.

About Maxim Crane Works

Founded in 1937, Maxim is one of the largest lifting solutions businesses in North America. Maxim, with its affiliated companies, serves more than 10,000 customers through its fleet of over 2,600 cranes and 56 branches. Maxim’s full suite of lift solutions include operated and maintained cranes, bare rental cranes, heavy haul / rigging services, and value-added advisory services. Maxim offers a full portfolio of cranes used in a variety of end markets. For more information about Maxim, please visit http://www.maximcrane.com/.

Forward Looking Information Disclaimer

Some of the statements in this press release constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include statements regarding the parties’ intent and belief or current expectations and may be identified by the use of words like “anticipate”, “believe”, “estimate”, “expect”, “intend”, “may”, “plan”, “will”, “should”, “seek”, the negative of these terms or other comparable terminology. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements. Important factors that could cause actual results to differ materially from expectations include, without limitation, the ability of the parties to satisfy the conditions set forth in the stock purchase agreement and otherwise consummate the sale transaction, as well as matters beyond the parties’ control. Forward-looking statements are not guarantees of future performance, results or events.

View source version on businesswire.com:https://www.businesswire.com/news/home/20190503005347/en/

CONTACT: Maxim Crane Works, L.P.:

Corporate Communications

Patrick Lillis, (412) 504-0199

plillis@maximcrane.com

KEYWORD: UNITED STATES NORTH AMERICA MASSACHUSETTS PENNSYLVANIA

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SOURCE: Maxim Crane Works, L.P.

Copyright Business Wire 2019.

PUB: 05/03/2019 11:15 AM/DISC: 05/03/2019 11:15 AM

http://www.businesswire.com/news/home/20190503005347/en