MIAMISBURG, Ohio, October 03, 2022--(BUSINESS WIRE)--We are pleased to announce that on September 30, 2022, Crane 1 Services Inc. has purchased the assets of Magnetic Lifting Technologies US ("MLTUS" or "the Company), a company engaged in the manufacturing of industrial lifting magnets for the scrap, steel, slag, rail and foundry industries and is also engaged in providing related services including repair, remanufacture and maintenance of magnet systems and magnet parts. The company is located in the greater Pittsburgh market and serves customers across the United States, Canada and Mexico.
MLTUS has been in business since 2010 and was founded by Rick Frischolz, who will remain active in the Company. This combination of Crane 1 and MLTUS offers our collective team a new and enhanced value proposition, including exceptionally talented teams, complementary service offerings and differentiated equipment solutions. We will be able to deliver more value for our customers, suppliers, and shareholders. Importantly, we also will be able to provide greater opportunities for our employees as they further their careers within the Crane 1 family.
MLTUS will continue their operations in New Castle, PA, a suburb of Pittsburgh, and will continue to service existing and new customers at the high level of quality and responsiveness on which their customers have grown to know and rely. MLTUS is a highly regarded national player in the steel industry, with an excellent reputation, high integrity, and a very experienced team. The Company provides Crane 1 with the key attributes that we would look for in any acquisition including, but not limited to, a high-performing team, consistent and growing customer base, and opportunities for expansion and continued growth.
With their ability to provide a strong magnet design and manufacturing, along with their steel industry and decades of technical expertise, the combination of our companies is a natural fit and aligns nicely with Crane 1’s vision of being the #1 independent solution provider of overhead crane inspection, service and fabrication within the United States. The foundation of the MLTUS culture is their reputation for delivering magnets with the highest quality and reliability, while standing behind their products and service to make sure the customer is 100% satisfied.
"We are thrilled to add MLTUS and its high-quality line of industrial magnets to the Crane 1 family, and proud to welcome all our new team members. This asset purchase adds another strategic building block for Crane 1 as a leading, independent, full-solution provider to the overhead crane industry focused on providing safe and exceptional solutions which lead to equipment uptime and reliability for our customers. The purchase also aligns well with our Crane 1 strategy of growing through highly selective acquisitions with companies that have excellent reputations in the overhead crane market, while allowing us to expand our revenue base with additional product offerings." Thomas Boscher, President and CEO of Crane 1
"Over the last 12 years, the team and I have built an incredible company. We have focused on building high quality products and delivering outstanding customer service. We have invested in our team and manufacturing capability to deliver on our customer promises. We are excited to transition to the Crane 1 team and look forward to growing our businesses together with our new combined resources." Rick Frischolz, Founder of MLTUS
"MLTUS is a high-quality product, service and parts company which shares the key values we seek in our partners as we expand our national footprint. They have deep industry knowledge and process expertise, which provide a strong foundation for us to leverage and expand sales of new and refurbished magnets across our customer base and market reach. We are excited to welcome Rick, Mike and the entire team to the Crane 1 family, and look forward to growing this business across our expanding national footprint." Sean Barrette, Partner, L Squared Capital Partners
We are extremely excited about this strategic acquisition, as we have nearly 30 team members and 150+ years of collective experience joining our team. This acquisition is consistent with L Squared Capital Partners’, our private equity sponsor, original investment thesis when acquiring Crane 1 Services, which was to provide the capital to support geographic service expansion and provide greater expertise within the Overhead Crane & Hoist service industry. This transaction represents our third acquisition with L Squared Capital Partners and our ninth overall acquisition since 2015.
Crane 1 is a leading provider of overhead crane MRO services and equipment that maximize safety, diminish liability, reduce maintenance costs, and increase overall productivity. The Company offers a full suite of services, including OSHA mandated inspections, maintenance, repair, design and installation of overhead crane systems and below-the-hook lifting devices. Additionally, Crane 1 operates a leading ecommerce site branded "Hoist Central," providing customers with the highest level of service on hard-to-find controls and parts. Crane 1 is headquartered in Miamisburg, OH and operates across 17 states. For additional information, please visit www.crane1.com or www.hoistcentral.com
About Magnetic Lifting Technologies US
MLTUS was founded in 2010 by Rick Frischolz as he saw an opportunity for renewed growth in the industrial and scrap handling magnet sector and drafted a business plan for a new company that would focus solely on electromagnets, with an emphasis on quality and service. Armed with a small but passionate staff, the team created a business that put quality products over cutting corners, that put customer satisfaction atop the priority list, and that put American engineering front and center. They set out to design and build lifting magnets that would redefine the industry and show the true potential of electromagnetic material handling, a mission that continues to guide the company today. For additional information, please visit www.mltus.com
About L Squared Capital Partners
L Squared Capital Partners is an investment firm headquartered in Newport Beach, CA that seeks to make long-term investments in leading growth companies that operate in targeted sectors: Education Technology, Tech-Enabled Services & Software, and Industrial Technology & Services. Our unique investor base of family offices enables us to focus on long-term value creation driven by revenue and earnings growth, not financial engineering, or market timing. The principals of L Squared have worked together for over a decade and have over 100 years of combined experience investing in growing private companies. For additional information, please visit www.LSquaredCap.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20221003005205/en/
Thomas Boscher President and Chief Executive Officer, Crane 1 Office: (937) 704-9900 thomas.boscher@crane1.com
Sean Barrette Partner, L Squared Capital Partners Board Member, Crane 1 Office: (949) 398-0168 sbarrette@lsquaredcap.com
It may not be practical — at least for now.
Take a look at this list of stock market holidays in 2022 to find out whether the market will be open on days like Labor Day, Black Friday, Christmas Eve and more.
These companies have the fuel to continue piping income into their investors' pockets in the coming years.
Oil prices have bounced around quite a bit this year. Brent oil, the global-pricing benchmark, started 2022 below $80 a barrel before soaring into the $120s following Russia's invasion of Ukraine. With the prospect of higher oil prices, we asked some of our energy contributors what oil stocks they believe are best positioned to capitalize following OPEC's bold move.
You would think this would be TIPS’ time to shine. Instead, the prices of Treasury inflation-protected securities—government bonds that are adjusted to keep up with inflation—have declined this year, even as inflation has soared. The comparable loss for ICE’s index of regular Treasury bonds was 13.5%.
(Bloomberg) -- Investors expect this earnings season to pummel stocks further and will watch Apple Inc. in particular as a bellwether of global economic conditions.Most Read from BloombergUkraine Latest: Putin Calls Security Meeting, Comments on BridgeRussia Races to Reopen Crimea Bridge Damaged in Fiery BlastPutin Orders Sakhalin-1 Project Transferred to Russian EntityEight Years of Combat Hardened Ukraine’s Army Into a Fighting ForceMore than 60% of the 724 respondents to the latest MLIV Pulse
For the retail investor, the only certainty of our current market environment is uncertainty. Volatility is up, and the main indexes are showing deepening losses. As if that wasn't enough, at least one market bull is turning a bit more pessimistic. JPMorgan strategist Marko Kolanovic has been one of the more bullish voices on Wall Street in recent months, but current conditions have him pushing the timeline back. While he still believes that the S&P 500 can hit 4,800, or a 32% gain from current
The market rally attempt is reeling, back near bear lows. What will investors discover on Columbus Day?
Each month I buy several dividend stocks to help build my passive income stream toward my goal of having it eventually offset my expenses. This October, I plan to add to my positions in Blackstone Group (NYSE: BX), Clearway Energy (NYSE: CWEN)(NYSE: CWEN.A), Digital Realty (NYSE: DLR), Realty Income (NYSE: O), and NextEra Energy (NYSE: NEE) as more cash flows into my portfolio.
(Bloomberg) -- The conventional wisdom with stock bulls is that prices will take off when the Federal Reserve wins its fight against inflation. But the end of surging consumer costs could unleash another round of bad news.Most Read from BloombergUkraine Latest: Putin Calls Security Meeting, Comments on BridgeRussia Races to Reopen Crimea Bridge Damaged in Fiery BlastPutin Orders Sakhalin-1 Project Transferred to Russian EntityEight Years of Combat Hardened Ukraine’s Army Into a Fighting ForceA s
Oil prices can be pretty unpredictable, impacting energy stocks
Investors are betting heavily on a decline in stock prices. They're usually right, according to research.
The first quarter of 2022 has been difficult for retirement savers and retirees alike, and according to investment firm Charles Schwab, it was one of the worst quarters for fixed-income in decades. However, the rising yields and changed Federal Reserve … Continue reading → The post Charles Schwab Says Now Is the Time to Add This Asset to Your Retirement Portfolio appeared first on SmartAsset Blog.
Wall Street tends to give stock splits more weight than they should have. Annaly's reverse split, however, might be a genuine warning sign.
Alphabet Inc.'s ( NASDAQ:GOOGL ) price-to-earnings (or "P/E") ratio of 17.9x might make it look like a sell right now...
The company's longtime CEO announced his retirement, leading some analysts to contemplate a cut to the 14% dividend.
Employer-sponsored retirement plans are one of the best ways for working Americans to build wealth. They offer tax advantages, allow your money to grow over time and many employers even match your contributions. But the job market is changing and … Continue reading → The post Can You Lose Your 401(k)? appeared first on SmartAsset Blog.
If you want income, you're in the right spot, but if you want growth, you might want to look elsewhere.
The veteran telecom company is having a stellar year in many respects, but reason for concern has emerged.
There aren't a lot of stocks that have produced the kind of dividend income that MPLX and Petrobras have over the past year.