Ares fund buys Illinois crane rental firm serving wind turbines
Image by Atlas Crane Service (atlascraneserviceinc.com)
August 24 (Renewables Now) - A fund of alternative investment manager Ares Management Corporation (NYSE:ARES) has acquired a controlling stake in Atlas Crane Service LLC, an Aurora, Illinois-based crane rental company mainly serving the wind sector, the latter said on Tuesday.
The investment will help Atlas accelerate growth and geographic expansion. According to its website, the company operates in the Midwest.
“Ares brings meaningful resources and deep experience in the renewables industry, which we believe will support our strategic expansion in the growing wind sector,” said Atlas chief executive Zach Prentis.
Hitherto founder-owned Atlas offers maintenance, repair and overhaul services to more than 250 customers. Its crane fleet primarily provides maintenance and repair services for wind turbines.
Steve Porto, partner in Ares Infrastructure Opportunities, commented that the transition to a low-carbon economy needs high-quality and competitively priced servicing of wind energy assets.
Further details of the acquisition were not provided.