Intrepid today announced that it served as exclusive financial adviser to senior management on its buyout of the business of Pacific Crane Maintenance Company, L. P. (Pacific Crane) from its institutional owners. The new company, Pacific Crane Maintenance Company, LLC (PCMC), was formed by members of the senior management of Pacific Crane. Intrepid represented the management team and arranged financing from Banc of California (lead agent) and Opus Bank (participant).
With headquarters in Long Beach, Calif., PCMC is the largest provider of repair and maintenance services for on-dock, shore-based ship loading, unloading and cargo handling equipment at the ports of Los Angeles and Long Beach as well as other major ports on the western coast of the United States.
“PCMC will continue to be an integral part of the lifeblood of the port ecosystem. We take for granted that the essential goods we use every day are here on our store shelves, but a big reason for it is the company’s relentless commitment to maintaining the cranes, chassis, refrigerated containers and other equipment that move the world’s cargo,” said Jonathan Zucker, Head of Capital Markets at Intrepid. “It has been an honor to work with the Pacific Crane management team to ensure a successful outcome for this transaction.”
Founded in 1990, Pacific Crane revolutionized the seaport equipment maintenance industry. Pacific Crane provided unmatched expertise and resources to reliably maintain an increasingly complex fleet of container handling equipment, enabling shipping lines and terminal operators to cost-effectively isolate and outsource all of their equipment maintenance needs.
Deal Team Contacts
- Ed Bagdasarian, Managing Director
- Jonathan Zucker, Head of Capital Markets and Senior Vice President
About the Capital Markets Group
For more than 35 years, our principals have advised clients in capital transactions, leveraging their institutional investor relationships and expertise in managing competitive processes. Our team is committed to helping clients meet their capital needs through various structures that include equity, senior, structured and mezzanine debt.