Balance Point Announces its Follow-On Investment in CraneTech Inc.
November 14, 2023 | Balance Point News
Westport, CT, November 14, 2023 - Balance Point Capital Advisors, LLC ("Balance Point"), in conjunction with its affiliated fund, Balance Point Capital Partners IV, L.P., is pleased to announce its follow-on investment in CraneTech Inc. (“CraneTech” or the “Company”), a portfolio company of Steel River LLC (“Steel River”). Balance Point delivered a flexible financing solution that facilitated CraneTech’s acquisition of Ameracrane and Hoist (“Ameracrane”).
Founded in 2004 and headquartered in Stockton, CA, CraneTech is a leading provider of overhead crane inspection, maintenance, and manufacturing services across the U.S. CraneTech 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 the next generation of industrial services businesses across the lower middle market.
Headquartered in Tulsa, OK, Ameracrane is a regional leader in the Oklahoma overhead crane market. Over the last two decades Ameracrane has built a strong reputation amongst its 350+ customers as a quality provider of new equipment, service, and parts. The acquisition of Ameracrane presents a meaningful opportunity to add geographic diversity and scale to the existing CraneTech platform.
“Balance Point is pleased to continue its partnership with CraneTech and Steel River on this transaction,” said Seth Alvord, Managing Partner at Balance Point. “We believe this transaction will significantly bolster the strength of the CraneTech platform and we look forward to continued growth from the team.”
Austin King, CraneTech CFO and Co-Founder of Steel River, said “Balance Point’s understanding of our business, long-term alignment, and capital flexibility have been instrumental to both our organic and inorganic growth initiatives over the last year. We look forward to integrating Ameracrane into the CraneTech platform and continuing to execute on our growth objectives with Balance Point’s support.”
About Balance Point
Balance Point is an alternative investment manager focused on the lower middle market. With approximately $2.1 billion in assets under management, Balance Point invests debt and equity capital in select lower middle market companies across a variety of investment vehicles. Balance Point takes a long-term, partnership approach to investing and is committed to building lasting relationships with its partners, management teams and intermediaries.