Crane 1 Continues Its Expansion With the Acquisition of Craneworks, Inc.

Craneworks marks Crane 1’s 6^th acquisition under L Squared ownership and its 12^th since 2015

L Squared Capital Partners (“L Squared” or the “Firm”) and Crane 1 Services, Inc. (“Crane 1”) have completed the acquisition of Craneworks, Inc. (“Craneworks” or the “Company”), a portfolio company of Southeast Business Partners, LLC (“SEBP”). Craneworks provides inspection, maintenance, repair, engineering, and weight handling solutions for secure government facilities, primarily serving Department of War (“DoW”) customers. The Company’s highly certified technician base and its consistent ability to meet the rigorous standards required by the Department of War have made it a provider of choice for the U.S. armed forces for more than 25 years. Craneworks will continue to be led by its CEO, Marshall Cox, and will operate semi-autonomously under the Crane 1 umbrella, preserving its customer relationships and brand equity while benefiting from the scale, infrastructure, and resources of the broader Crane 1 platform.

Craneworks’ entrenched market position is supported by significant barriers to entry that are difficult for competitors to replicate, including technician certification requirements, facility security protocols, stringent service standards, and customer relationships developed over decades. The Company provides cradle-to-grave engineering, design, inspection, maintenance, testing, and installation services through a team of highly trained and credentialed technicians and engineers. This full-lifecycle service offering delivers capabilities that competing providers are often unable to provide within secure government facilities. Marshall Cox brings more than 15 years of naval crane experience, including his prior role with the Naval Facilities Engineering Command (NAVFAC), and has led Craneworks since 2020.

“We are excited to welcome Craneworks to the Crane 1 team. Marshall Cox and his team have built a business defined by exceptional people and a culture of safety, quality, and unmatched service. The combination adds a unique capability set to the Crane 1 platform while diversifying our customer base. Craneworks is exactly the type of company we look to acquire, a market leader with an entrenched position in a durable, long-term growth market.”
Matt Biskaduros, President and CEO of Crane 1

“Craneworks holds a durable, mission-critical position serving the Department of War, precisely the type of business we seek to own for the long term. Combined with Crane 1’s commercial engine, the acquisition strengthens a platform we have now expanded through six acquisitions and intend to keep building. We are pleased to welcome Marshall and the entire Craneworks team to the Crane 1 organization.”
Sean Barrette, Managing Partner, L Squared Capital Partners, Chairman of the Crane 1 Board

The Craneworks acquisition gives Crane 1 an established position in the Department of War end market, where access is earned over many years through technician certification and strong historical performance, as well as access to and knowledge of the substantial adjacent market of suppliers and manufacturers in this highly active DoW space. The combination further advances Crane 1’s vision of becoming the leading independent, full-service provider of overhead crane inspection, maintenance, repair, and fabrication in the United States. In addition, the transaction further strengthens Crane 1’s position across several long-term growth markets driving industrial demand today, including data centers, power generation, HVAC, U.S. military readiness and rearmament, shipbuilding, and commercial space.

The L Squared transaction team included Sean Barrette, Tyler Huez, and Jake Robert Meyer.

About Craneworks
Craneworks provides inspection, maintenance, repair, engineering, and weight handling solutions for secure government facilities, a highly specialized segment where its services are essential to military operations. The Company has maintained longstanding customer relationships for decades and serves sites across the world through its team of highly trained and certified technicians and engineers. Craneworks provides solutions across the full overhead crane lifecycle, from engineering and installation to inspection, maintenance, and repair.

About Southeast Business Partners
Southeast Business Partners is a privately held investment firm focused on lower middle market industrial service providers and government contractors. Following its acquisition of Craneworks in 2019, SEBP helped guide Craneworks through a period of professionalization and growth, strengthening its management team, operating infrastructure, and strategic position in mission-critical crane services. For additional information, please contact Barker Squire, barker@southeastbusinesspartners.com.

About Crane 1
Crane 1 is a leading provider of overhead crane MRO services and equipment that maximize safety, lower maintenance costs, and improve productivity. Crane 1 offers a comprehensive suite of services, including OSHA-mandated inspections, maintenance, repair, and the design and installation of overhead crane systems and below-the-hook lifting devices. Crane 1 is headquartered in Cincinnati, OH and operates in over twenty-five locations across eighteen states. For additional information, please visit www.crane1.com.

For Additional Information Please Contact:

Sean Barrette
Managing Partner
sbarrette@lsquaredcap.com

Tyler Huez
Partner
thuez@lsquaredcap.com

Jake Robert Meyer
Senior Associate
jmeyer@lsquaredcap.com

About L Squared Capital Partners
L Squared Capital Partners is a private equity investment firm headquartered in Newport Beach, CA, with approximately $5.3 billion of historical cumulative capital commitments that seeks to make long-term investments in leading growth companies operating in targeted sectors: Education Technology, Technology-Enabled Services & Software, and Industrial Technology & Services. L Squared’s unique investor base of family offices and institutions enables the Firm 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 nearly 20 years, investing in growing private companies. For more information, please visit www.LSquaredCap.com.

This press release is for informational purposes only and is not intended as investment advice or an offer or solicitation with respect to the purchase of any investment. Investing with any investment firm is suitable only for qualified investors that fully understand the risks of such an investment. L Squared Capital Partners is an investment adviser registered with the United States Securities and Exchange Commission. Investments with L Squared Capital Partners are only offered in accordance with applicable securities laws.