Audax Group Announces Sale of Coast Crane

Audax Group has completed the sale of Coast Crane Company to Northwest Capital Appreciation. Seattle, Wash.-based Coast Crane distributes, rents, and services cranes, aerial lifts, and related equipment for construction projects throughout its 13 branch locations.

Audax acquired the company in July 2004 and opened up a new branch in San Diego in July 2005 and acquired SI Equipment Services in January 2006. The acquisition expanded the company's reach in the Southern California market and accelerated the company's penetration of the emerging tower crane segment.

“We were able to achieve our key objectives for Coast Crane in a relatively short time frame,” said Geoffrey Rehnert, co-CEO of Audax Group. “We put in place a new senior management team, implemented financial controls and systems to optimize crane utilization, and sourced and integrated an add-on acquisition that broadened the company's product line and geographic reach.”

“Working closely with Audax Group we were able to solidify Coast Crane's position as a leading provider of Crane rental equipment on the West Coast,” said Dan Goodale, president and CEO of Coast Crane. “Audax provided us the resources we needed to achieve this successful outcome.”

Audax Group, with offices in Boston and New York, is a leading investor in middle market companies.