Sarowdin Partners was hired by Kuhn Crane Service, Inc. as its exclusive financial advisor to assist in the sale of the company. Headquartered in Corpus Christi, Texas, Kuhn Crane Service was a leading manned mobile crane service provider serving oilfield, commercial and industrial customers throughout South Texas. The family owned company was founded in 1979.
After a full marketing effort designed to enable the Kuhn Brothers to obtain complete liquidity and exit the operations of the business, Kuhn Crane sold substantially all of its assets, including 21 cranes, to TNT Crane and Rigging, Inc. and merged their operations. TNT Crane and Rigging, Inc. is a Houston, Texas based mobile crane service provider majority owned by a UK based private equity fund. The combined business will operate out of four yards and is the largest mobile crane service provider in South Texas. The transaction closed on May 16, 2008.
"Having previously received offers to buy the business at little to no premium to asset value, we were skeptical regarding the valuation that Sarowdin Partners believed was achievable. Sarowdin Partners ran a competitive process, which enabled the most logical buyer to emerge. The focus placed on identifying the significant synergies that Kuhn Crane brought to each of the potential buyers' business, resulted in a premium valuation for me and my brother with an ability to exit the business after a relatively short consulting period. I was impressed that Sarowdin Partners did not simply hand off the transaction to the lawyers at the signing of the LOI. They maintained their involvement in the transaction and helped us navigate some difficult deal points."*
*Client results may not be representative of the experience of others and is no guarantee of future performance or success.