When Birmingham-based CraneWorks sought to recapitalize its business through a new investment from private equity firm Carousel Capital, the company needed more than financing. It required a banking relationship capable of simplifying a complex capital structure, supporting ongoing fleet investments and delivering confidence as the founders partnered with Carousel to fund the next phase of growth.
For seven years, CraneWorks has relied on PNC for equipment financing, treasury management and banking services. That relationship, combined with PNC's experience serving other Carousel Capital portfolio companies, positioned the bank to play a central role in the transaction.
"PNC has been a trusted partner to CraneWorks for years, so they understood our business and our fleet long before this process began,” said Trey Fulton, Chief Financial Officer of CraneWorks. “As we recapitalized with Carousel, we needed a lender who could consolidate a complex set of equipment notes into a single, flexible facility without slowing us down – and that is exactly what PNC delivered. It gives us the capacity to keep investing in our fleet, our people, and our customers as we grow."
The Challenge
Founded in 1997, CraneWorks has become one of the Southeast's leading providers of operated crane and equipment rental services, serving a broad and diversified customer base across the region. Together with its RentalWorks division, the company operates a fleet of more than 2,900 pieces of equipment and is recognized among North America's top crane companies.
As part of Carousel’s recapitalization of the business, CraneWorks wanted to consolidate multiple debt facilities into a streamlined financing structure while preserving flexibility to support working capital needs, equipment purchases, future acquisitions and continued growth. Carousel also needed to refinance existing debt and support transaction-related expenses.
The transaction represented a meaningful transformation of the company's balance sheet, requiring a solution that satisfied the objectives of both management and its new sponsor while remaining attractive to potential syndication participants.
The Solution
PNC Business Credit led the effort to develop a new asset-based lending facility designed to simplify CraneWorks' capital structure and provide capacity for future expansion. Working alongside teams from PNC’s Corporate Banking and Capital Markets groups, the team structured a comprehensive financing solution that refinanced numerous equipment finance obligations into a single senior secured facility.
The financing included a $160 million revolving credit facility to support working capital requirements, capital expenditures, acquisitions and ongoing business operations. In addition, PNC continues to provide a range of treasury and risk management solutions, including a purchasing card program, ACH services and interest rate risk management solutions to provide certainty around future borrowing costs.
The transaction benefited from PNC's longstanding relationships with both CraneWorks and Carousel. Over the years, the company had leveraged PNC's advisory capabilities for equipment finance syndications, business succession planning and strategic considerations prior to the sale process. Those experiences helped establish the trust needed to execute a complex transaction efficiently and confidently.
"Transactions like this are about much more than providing capital," said Joseph Nemia, Senior Vice President and Business Development Officer for PNC Business Credit. "Our collective team worked closely with CraneWorks and Carousel Capital to understand their objectives and develop a financing structure that not only supported the transaction but also helped position them for continued growth."
The Result
With a streamlined financing structure in place, CraneWorks was able to complete its recapitalization while gaining the financial flexibility needed to continue investing in its business and pursuing future opportunities.
"When we partner with a founder-led business like CraneWorks, we want a financing structure that fuels growth rather than constrains it. PNC understood both the company and the industry opportunity, and they built a facility that gives us room to expand the fleet, enter new markets, and pursue acquisitions,” said Chris Wells, Principal of Carousel Capital. “Their longstanding relationships with both CraneWorks and Carousel allowed a complex recapitalization to move quickly and with confidence."
For Carousel, the financing provided a strong foundation for supporting the company's long-term growth strategy. For CraneWorks, it reinforced the value of working with a banking team that understood both the business and the industry as well as the importance of aligning financing solutions with strategic objectives.
"CraneWorks has established a strong reputation throughout the Southeast because of its impressive leadership, growth and performance," Nemia said. "We're excited to support the company's next chapter alongside Carousel Capital with a solution that provides the flexibility and capacity needed to continue investing in its fleet, employees and customers."
