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Shaughnessy & Ahern Crane Co. and S&A Cranes LLC to Be Acquired by Maxim Crane Works

BOSTON–(BUSINESS WIRE)–Maxim Crane Works, L.P. (“Maxim”) and Shaughnessy & Ahern
Crane Co. and S&A Cranes LLC
(“Shaughnessy Companies”) today
jointly announced that the companies have entered into an agreement
pursuant to which Maxim will acquire the Shaughnessy Companies. The
Shaughnessy Companies are one of the oldest providers of crane rental
and related lift solutions servicing the Boston Region for over a
hundred years. Maxim’s acquisition of the Shaughnessy Companies enhances
Maxim’s full-service, nationwide crane rental and lifting solutions
platform and expands its operations in one of the nation’s most critical
regions.

Following the closing, Maxim will begin integrating the Shaughnessy
Companies with its existing operating business. Customers will continue
to receive the same high quality service they have come to expect.
Through Maxim’s coast-to-coast footprint, engineering, operated rentals
and heavy haul services, the Shaughnessy Companies team and customers
will gain access to one of the largest modern fleets of full service
lifting solutions in the world.

Bryan Carlisle, Chief Executive Officer of Maxim, stated, “the
Shaughnessy Companies offers one of the most experienced teams of crane
professionals in the region. Their state of the art fleet provides
customers with a ‘best in class’ brand of products, parts, services and
rental equipment. We are confident that the combination of the
Shaughnessy Companies and Maxim will bring added value to our combined
customer base, employees and the industry.”

Jack and Mike Shaughnessy are extremely honored and look forward to have
S&A/Maxim lead the Shaughnessy Family of cranes legacy into the next
generation. Paul Preziosi, now VP of the New England region for the
combined S&A/Maxim added, “We are excited to combine the people and
expertise of our industry leading companies to provide the additional
equipment and services.”

“Our teams have always had a great working relationship. This
combination will ensure our customers that we can continue to provide
the rigging, storage and crane related services needed to support the
robust growth in our New England market. It is an honor to work with the
Shaughnessy family and team and to continue their 100+ year legacy into
the next generation of leadership,” added COO, Frank Bardonaro.

About Shaughnessy & Ahern Crane Co. and S&A Cranes LLC

Founded in 1916, Shaughnessy Companies, with corporate headquarters in
Boston, MA services customers throughout the Boston area and
Northeastern United States with its continuously updated fleet of cranes
ranging from 15 to 275 ton capacities and a supporting truck fleet.

About Maxim Crane Works

Founded in 1937, Maxim is one of the largest lifting solutions
businesses in North America. Maxim, with its affiliated companies,
serves more than 10,000 customers through its fleet of over 2,600 cranes
and 56 branches. Maxim’s full suite of lift solutions include operated
and maintained cranes, bare rental cranes, heavy haul / rigging
services, and value-added advisory services. Maxim offers a full
portfolio of cranes used in a variety of end markets. For more
information about Maxim, please visit http://www.maximcrane.com/.

Forward Looking Information Disclaimer

Some of the statements in this press release constitute “forward-looking
statements” within the meaning of Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended. These statements include statements regarding the
parties’ intent and belief or current expectations and may be identified
by the use of words like “anticipate”, “believe”, “estimate”, “expect”,
“intend”, “may”, “plan”, “will”, “should”, “seek”, the negative of these
terms or other comparable terminology. Investors are cautioned that any
such forward-looking statements are not guarantees of future performance
and involve risks and uncertainties, and that actual results may differ
materially from those projected in the forward-looking statements.
Important factors that could cause actual results to differ materially
from expectations include, without limitation, the ability of the
parties to satisfy the conditions set forth in the stock purchase
agreement and otherwise consummate the sale transaction, as well as
matters beyond the parties’ control. Forward-looking statements are not
guarantees of future performance, results or events.

Contacts

Maxim Crane Works, L.P.:
Corporate Communications
Patrick
Lillis, (412) 504-0199
[email protected]

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