Southlake-based equity fund expands heavy construction holdingsApril 2, 2013
By Bill Bowen
Allegiance Crane & Equipment LLC, a holding of the $2 billion private equity fund based in Southlake, Prophet Equity, has completed a deal to acquire the assets and operations of Action Crane Service Inc. of Fort Lauderdale, Fla., for an undisclosed sum.
The deal gives Allegiance a broader south-Florida customer base with equipment and personnel in the area to capitalize on the rapidly growing construction work of the region.
The acquisition of the 17 mobile cranes in Action Crane’s stable gives Allegiance a total of more than 150 cranes and hoists. The company is based in Pompano Beach, Fla., but has operations in Houston, San Antonio and Carrizo Springs, Texas.
"The successful acquisition of Action Crane enhances Allegiance's South Florida presence and improves its ability to take advantage of the rapidly improving market in the area," Ross Gatlin, CEO and managing partner of Prophet Equity said in a press release.
Prophet Equity pursues investments in lower and middle market companies with strategically strong business with value potential, such as those found in divestitures, non-strategic businesses, corporate carve-outs and others. It has $2 billion in value scattered across 30 entities with combined revenue of $4 billion.