SPRING LAKE — Hines Corp., a family-owned industrial holding company, has divested its Ohio-based Hines Specialty Vehicle Group.
The deal with New York City-based private equity firm Turnspire Capital Partners LLC included portfolio companies Crane Carrier Co. and Kimble Mixer Co., both of which are based in New Philadelphia, Ohio., according to a statement. Both companies now will operate as Crane Carrier Co., which designs, manufactures and sells heavy-duty truck chassis, complete vehicles and aftermarket parts for specialty markets.
“The Company capitalized on its strong brands and customer relationships to grow its refuse and specialty truck business as a non-core division of Hines Corporation,” Turnspire Managing Partner Ilya Koffman said in a statement. “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.”
Turnspire and company management “made a substantial investment” into Crane Carrier along with the acquisition. President and CEO Randy Rollins will continue in his leadership role at Crane.
Crane Carrier makes custom, severe-service chassis and purpose-built vehicles for the refuse and recycling, infrastructure maintenance, ground support, agriculture, oil and gas and concrete mixer industries.
Rollins called the transition “an exciting time for growth and development of our company.”
Larry Hines, president of Spring Lake-based Hines Corp., said the deal comes as the company is “well positioned to grow and prosper for many years to come.”
Terms of which were not disclosed.
Hines Corp. initially acquired Crane Carrier, then based in Tulsa, Okla., in 2013, and consolidated operations with Kimble Manufacturing Co. the following year.