I am delighted to announce that today Cranecorp (Company) has accepted an offer from Viburnum Funds Private Equity (Viburnum) to take a majority shareholding in the Company.
“This is great news for all staff and everyone involved with Cranecorp” said Rick Musarra. “The investment by Viburnum in the Company will provide a significant boost to future capital that will allow Cranecorp to grow at a far quicker rate than would otherwise have been possible. I am extremely excited by our future outlook.”
The deal is subject to completion, however all parties are fully committed to and confident about, a successful conclusion in late June 2020 (notwithstanding any unknown delays caused due to the impacts of Covid-19).
Viburnum is a Perth-based specialist private equity investor that focuses on investing in resource services companies across the Asia Pacific region. Viburnum provides equity capital to profitable small and medium-sized companies to enable them to make acquisitions, pursue organic growth opportunities or to facilitate a shareholder buy-out or buy-in of the business.
Viburnum brings a collaborative approach to its business partnerships and seeks to support the board and management to drive accelerated growth.
“We have been impressed by what we have learned about Cranecorp to date and we believe Cranecorp represents an attractive partnership opportunity,” said Viburnum Partner, James O’Mahony.
“We look forward to the future and working with the Cranecorp Board, executive team and staff.”
”While we are an active investor with Board representation, we will be focusing on the Company’s strategic direction and allowing management to get on with running the business.”
The future looks extremely positive for Cranecorp and, once we get through the impacts of the coronavirus, the business is poised for future growth.
“This will be great for our staff and our clients in enabling us to quickly purchase additional cranes with which to grow the business,” said CEO Cranecorp, Rod White. “The experience Viburnum brings and its access to funds and general financial expertise will complement the skills within the Company,” he added. “I am keen to work with the Viburnum team.”
After more than 20 years working in the business and as a shareholder, Craig O’Donnell has decided to retire. We are indebted to Craig for all that he has given to the Company and for the outstanding leadership in the area of asset management he has provided.
“It is with a mix of great pride and great sadness that I leave the Company,” said Craig. “It has been an incredible journey and I have enjoyed nearly every minute of it. The time has come for me to move on and I look forward to catching up with everyone before I finally head off.”
“I’d like to thank everyone for the support they have given me over the years and particularly Rick who has been a great business partner. I wish the Company all the best for the future and believe that there are exciting times ahead with Viburnum”.