HOUSTON, TEXAS (October 31, 2014) – Statesman Business Advisors (“Statesman”) served as the exclusive financial advisor to General Crane Service, Inc. (“General Crane” or “Company”) in its sale to the Bay Area/General Crane Service, Inc. Employee Stock Ownership Plan (“ESOP”). General Crane manufactures and sells overhead bridge cranes, gantry cranes, jib cranes and runway systems throughout Texas and the Southwest U.S. The transaction officially closed on October 31, 2014.
President John Nix, expressed, “I had explored different exit strategies and found that the Employee Stock Ownership Plan allowed me to accomplish my personal goal of exiting my business at a fair price, while at the same time allowing those dedicated employees that were vital in growing the Company to now have a chance to share in the future success of General Crane.”
Nix further emphasized, “We were fortunate to have Statesman advising us on this transaction. While there are many benefits to selling to an ESOP, they can be complex. Statesman was with us from start to finish, arranging financing, explaining the process and even assisting in negotiating the final agreed upon price with the ESOP trustees.”
Statesman Business Advisors Managing Director, Gary Canon, stated, “General Crane is a great company and this transaction creates a terrific opportunity for their employees. Successfully closing a transaction such as this is truly a team effort. We feel privileged to have been chosen to assist the Company in a successful transition to employee ownership.” Securities aspects of the transaction were handled by Statesman Corporate Finance Principal, Will Jaco.
About General Crane Service, Inc.
General Crane Service, Inc. (“General Crane”), headquartered in Houston, Texas, has been a leader in providing overhead crane products and service solutions to customers throughout the Southwestern U.S. With its emphasis of service after the sale, the Company has differentiated itself in the market as the “go-to” service provider for customers in the oil & gas, wholesale, distribution, and other vital industries.
About Statesman Business Advisors
Statesman Business Advisors, LLC offers an array of services, including business valuation, Small Business Administration loan packing and servicing, financial due diligence, and value enhancement consulting, all focused on serving the corporate finance needs of privately held companies and financial institutions operating in the middle-market.
Securities transactions are executed through Statesman Corporate Finance, LLC, an affiliate of Statesman Business Advisors, LLC and a member firm of the FINRA and SIPC.
About Statesman Corporate Finance
Statesman Corporate Finance, LLC is a leading middle market investment bank headquartered in Houston, Texas and with an office in Austin, Texas. Statesman provides merger and acquisition sell-side and buy-side advisory services and general corporate financial advisory services to small and middle-market companies.