Hines Corp. has spun off its Specialty Vehicle Group, which consists of Crane Carrier Co., a maker of vocational truck chassis, and Kimble Mixer Co., a manufacturer of concrete pumping equipment used in construction, agriculture and oil and gas exploration. The business was acquired by Turnspire Capital Partners, a New York-based investment firm, and a group of company managers, according to a Jan. 2 press release.
The newly independent company will continue to produce products under the names Crane Carrier Co. Engineered Chassis and CyKlone Mixers with Kimble Technology from its headquarters in New Philadelphia, Ohio, with Randy Rollins remaining in charge of the business. Rollins has been president and CEO of Crane Carrier Co. and Kimble Manufacturing Co. since 2014.
“It’s an exciting time for the growth and development of our company,” Rollins said in a statement. “Demand for our products is growing as we continue to attract prominent customers and expand our aftermarket parts and customer service networks.”
Crane, acquired by Hines in 2013, specializes in building customized chassis for severe-service vehicles, including refuse collection trucks, mobile drill-rig chassis, terminal tractors, airport refueling vehicles and concrete mixers.
The company gained international recognition in 2010, when one of its truck chassis was used to help rescue 33 miners trapped deep underground in Copiapo, Chile.
Kimble was acquired by Hines in 2006 and later merged with Crane to create the Specialty Vehicle Group.
Officials declined to provide further details about the terms of the divestiture.
Hines is a privately owned company based in Spring Lake, Mich. It will continue to operate a number of industrial-related businesses, including Garlock Safety Systems and Garlock Equipment, Cimline Pavement Maintenance Group, Pacific Floorcare, Michigan Spring and Stamping, Johnston Boiler Co. and Bennett Pump. — Transport Topics