A fund managed by the infrastructure opportunities unit of Ares Management has acquired a controlling interest in Atlas Crane Service LLC, a full-service crane rental company that primarily serves the wind industry.
Founded in 2009 and headquartered in Aurora, Ill., Atlas offers turnkey maintenance, repair and overhaul solutions to over 250 customers. The company’s fleet of cranes provides mission critical maintenance and repair services for wind turbines. Atlas’ executive management team, led by CEO Zach Prentis, will continue to guide the company with an emphasis on growth, geographic expansion, and a continued focus on delivering premier services and a dedication to safety.
“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,” says Prentis. “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 energized by the future opportunities for Atlas and we remain steadfast in our commitment to supporting renewable energy generation across the U.S.”
“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,” states Keith Derman, partner and co-head of Ares Infrastructure Opportunities. “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.”
“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,” adds Steve Porto, partner in Ares Infrastructure Opportunities. “We believe that Ares’ deep renewables experience will provide Atlas with strong support to capitalize on the significant opportunity in this resilient and growing asset class.”
TM Capital served as the exclusive financial advisor to Atlas Crane Service.
