Cliff Forrest Single Family Office Acquires Pinnacle Cranes

Cliff Forrest Single Family Office Acquires Pinnacle Cranes

Pinnacle Cranes is a leading crane rental, sales and service company active in North and South Carolina.  Now, the company has been acquired by private equity fund Tecum Equity, supported by Western Allegheny Capital, the single family office of Cliff Forrest. Forrest is the owner of Rosebud Mining, Pennsylvania’s largest underground coal mining company.

Crane service company from North Carolina

Pinnacle Cranes was established in 2001 as a division of Carolina Tractor and Equipment. The company is mainly offering Link-Belt, Manitex and Shuttlelift carry deck cranes. Pinnacle Cranes sell, rent and maintain cranes for its customers. The Charlotte-based company mainly works for construction companies. After the acquisition, the company will look for a new headquarter location.

Bought by Tecum Equity and Forrest Single Family Office

Tecum Equity – which manages the private equity investments for the Cliff Forrest single family office Western Allegheny Capital – is the new owner of Pinnacle Cranes. Tecum is a Pittsburgh-based investment management firm with $750M assets under management. The firm is focused on management buyouts, divestitures, growth capital, acquisition financing and leveraged buyouts. Other holdings of Tecum include Bandon Holdings or Clio Holdings. Cliff Forrest is the owner of Rosebud Mining, a major coal mining company from Pennsylvania. Recently, Forrest also acquired the majority of Oberg Industries shares, a Pittsburgh-based manufacturer of precision components.

Sources
Vertical.net, 9.10.2019
Bizjournals, 9.10.2019
David Carballar, 9.10.2019

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