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Atlas Crane Service has announced that a fund managed by Ares Management has acquired a controlling interest in the company. Founded in 2009, Atlas specializes in crane rental services for the wind industry and boasts a customer base of over 250. Ares' investment is expected to accelerate Atlas' growth and enhance its capabilities in the renewable sector, particularly in wind energy. The management team will remain intact, focusing on geographic expansion and superior service delivery, while leveraging Ares' resources for strategic growth.
Positive
Ares Management's investment will enhance Atlas' growth capabilities.
Atlas has a strong customer base of over 250 in the wind industry.
The acquisition is expected to drive strategic expansion in the growing wind sector.
Negative
None.
Leading Crane Rental Company to Accelerate Growth and Continue Support of the U.S. Wind Industry
AURORA, Ill.--(BUSINESS WIRE)--
Atlas Crane Service, LLC (“Atlas” or the “Company”), a full-service crane rental company that primarily serves the wind industry, announced today that a fund managed by the Infrastructure Opportunities strategy of Ares Management (“Ares”) has acquired a controlling interest in the Company.
Founded in 2009 and headquartered in Aurora, Illinois, Atlas is a full-service crane rental provider offering turnkey maintenance, repair, and overhaul solutions to over 250 customers. The Company’s fleet of cranes provides mission critical maintenance and repair services for wind turbines. Atlas’ executive management team, led by Zach Prentis, Chief Executive Officer, will continue to guide the company with an emphasis on growth, geographic expansion, and a continued focus on delivering premier services and a dedication to safety.
“The investment by Ares marks an exciting next chapter for Atlas, our employees and our customers as we seek to accelerate the growth of our business and capabilities,” said Prentis. “Ares brings meaningful resources and deep experience in the renewables industry, which we believe will support our strategic expansion in the growing wind sector. Our team is energized by the future opportunities for Atlas and we remain steadfast in our commitment to supporting renewable energy generation across the U.S.”
“We are excited to support Atlas’ long-term vision and leverage our combined strengths as we seek to drive continued growth of renewable energy power generation,” said Keith Derman, Partner and Co-Head of Ares Infrastructure Opportunities. “Zach and his team have built a differentiated business with a strong, entrepreneurial culture, and we look forward to helping them provide critical services and solutions to wind asset owners and operators throughout the country.”
“Ares and Atlas share a commitment to accelerating the transition to a low carbon economy, which requires high quality and competitively priced servicing of wind energy assets,” said Steve Porto, Partner in Ares Infrastructure Opportunities. “We believe that Ares’ deep renewables experience will provide Atlas with strong support to capitalize on the significant opportunity in this resilient and growing asset class.”
TM Capital served as the exclusive financial advisor to Atlas Crane Service. Terms of the transaction were not disclosed.
About Atlas Crane Service
Founded in 2009 and headquartered in Aurora, Illinois, Atlas is a full-service crane rental provider offering turnkey MRO solutions to over 250 customers. Atlas has a diverse fleet of all-terrain, rough terrain, hydraulic, crawler and tele-crawler cranes, along with additional value-added services including skilled operators on nearly all rentals, transportation, heavy hauling, subcontracted labor coordination, engineering and permitting. Prior to its acquisition by an Ares Management fund, Atlas was founder-owned and operated for over 13 years. Atlas primarily performs mission critical recurring maintenance, repair – for both planned and emergency break-fix – and repowering of wind turbines. The Company also serves non-wind markets in the Midwest US. To learn more, visit https://atlascraneserviceinc.com.
About Ares Management Corporation Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, private equity, real estate and infrastructure asset classes. We seek to provide flexible capital to support businesses and create value for our stakeholders and within our communities. By collaborating across our investment groups, we aim to generate consistent and attractive investment returns throughout market cycles. As of June 30, 2022, Ares Management Corporation's global platform had approximately $334 billion of assets under management, with over 2,300 employees operating across North America, Europe, Asia Pacific and the Middle East. For more information, please visit www.aresmgmt.com.
For Ares:
Jacob Silber, +1 212-301-0376
or
Priscila Roney, +1 212-808-1185
media@aresmgmt.com
Source: Atlas Crane Service, LLC
FAQ
What does the acquisition of Atlas Crane Service by Ares Management entail?
Ares Management has acquired a controlling interest in Atlas Crane Service, focusing on accelerating growth and enhancing capabilities in the wind industry.
How will Ares Management's investment impact Atlas Crane Service?
The investment is expected to provide Atlas with resources and support for strategic expansion in the renewable energy sector, particularly wind power.
What is Atlas Crane Service's primary focus after the acquisition?
Atlas will continue focusing on providing crane rental services and maintenance solutions for the wind industry while seeking geographic expansion.
When was Atlas Crane Service founded?
Atlas Crane Service was founded in 2009 and is headquartered in Aurora, Illinois.
What is Ares Management's role in the renewable energy sector?
Ares Management aims to leverage its expertise in renewables to support companies like Atlas in expanding their services and capabilities in the renewable energy market.
