An unnamed fund managed by Ares Management’s 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: “The 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.
“Ares 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.”
Keith Derman, partner and co-head of Ares infrastructure opportunities, said: “We are excited to support Atlas’ long-term vision and leverage our combined strengths as we seek to drive continued growth of renewable energy power generation.
“Zach 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.”
Steve Porto, partner in the Ares infrastructure opportunities business, said: “Ares 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.
“We believe that Ares’ deep renewables experience will provide Atlas with strong support to capitalise on the significant opportunity in this resilient and growing asset class.”
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