An unnamed fund managed by Ares Management鈥檚 infrastructure opportunities strategy has acquired a controlling stake in Atlas Crane Service for an undisclosed sum.
Founded in 2009, Atlas is a full-service US crane rental company that primarily serves the wind industry. The company has a diverse fleet of all-terrain, rough terrain, hydraulic, crawler and tele-crawler cranes, along with additional value-added services. Atlas also serves some non-wind markets in the Midwest US.
Zach Prentis, the CEO of Atlas Crane Service, said: 鈥淭he 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.
鈥淎res 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 energised by the future opportunities for Atlas and we remain steadfast in our commitment to supporting renewable energy generation across the US.鈥�
Keith Derman, partner and co-head of Ares infrastructure opportunities, said: 鈥淲e are excited to support Atlas鈥� long-term vision and leverage our combined strengths as we seek to drive continued growth of renewable energy power generation.
鈥淶ach 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.鈥�
Steve Porto, partner in the Ares infrastructure opportunities business, said: 鈥淎res 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.
鈥淲e believe that Ares鈥� deep renewables experience will provide Atlas with strong support to capitalise on the significant opportunity in this resilient and growing asset class.鈥�
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