A large, defunct crane company is gearing up for a second act. Pompano Beach, Fla.-based General Crane USA’s liquidation plan received final court approval on Dec. 17. Newly formed Allegiance Crane & Equipment LLC, Pompano Beach, Fla., paid $40 million for properties and equipment. The firm secured financial backing from Southlake, Texas-based Prophet Equity. General Crane managing partner James A. Robertson is now president of Allegiance Crane & Equipment. The company expanded aggressively during the building boom, spending $65 million for new equipment between 2006 and 2007 while expanding into new markets. As the economy tanked and credit lines evaporated,
The market is generally healthy and steadily growing, and margins are up for large specialty contractors. Further, advances in design tools and owner demand for collaboration are giving subcontractors a seat at the table early on in projects.