Cronus Partners Announces Majority Investment in Manufacturing Company
Cronus Partners LLC is pleased to announce that it acted as exclusive financial advisor to Equivu Capital, LLC (Equivu), the investment arm of entrepreneur Salvatore Calvino, in its acquisition of a majority stake in C&C Manufacturing, LLC (C&C), a leading manufacturer and distributor of heavy equipment, providing high-quality machinery to the scrap metal recycling, waste management, and airport maintenance equipment markets alongside a suite of aftermarket replacement parts and value-added services. In addition, Mr. Calvino was named Chief Executive Officer of C&C. Granite Creek Capital Partners, L.L.C. (Granite Creek), a private investment firm based in Chicago, partnered with Equivu on an investment in C&C.
Granite Creek and Equivu’s investments, along with Mr. Calvino’s leadership, will enable C&C to capitalize on strong customer demand for its market-leading products through increased working capital investment, broadening its employee base and management team, and expanding its parts and services offerings.
Mr. Calvino, an experienced executive and entrepreneur, founded, operated, and invested in several aviation services companies. He founded his first company in 1985 and sold his group of companies to a strategic acquiror in 2015, having grown the platform from 40 to 4,200 employees.
Granite Creek’s investment in C&C Manufacturing was made from its $200 million fund, Granite Creek FlexCap II, L.P. Granite Creek targets investments in companies engaged in manufacturing, business services, healthcare, and agribusiness. The investment team plays an active role with the leadership of its portfolio companies to support growth, strategy and financial development.
“We are thrilled to partner with Sal on this transaction. We are impressed by Sal’s track record of building successful businesses, and his experience positions him well to lead C&C into its next phase of growth,” said Mark Radzik, Co-Founder and Managing Partner at Granite Creek. “C&C’s well-known brands, market-leading products, and strong customer support position the company for continued success.”
“I am extremely excited to be partnering with Granite Creek on this investment in C&C Manufacturing. They are a great fit to help us build and grow C&C far into the future,” said Salvatore Calvino, CEO of C&C Manufacturing. “C&C will remain focused on building the industry’s best multi-purpose snow removal equipment, landfill compactors, and scrap metal loggers to serve the needs of our customers.”
Jeffrey Rubin, Managing Partner at Cronus, added, “Having worked with Sal over the years, we are pleased to have been instrumental in assuring the success of this transaction, bringing decades of financial advisory and sector expertise to bear.”
Founded in 1963 as Al-jon Manufacturing, C&C Manufacturing is a leading manufacturer and distributor of heavy equipment to the scrap metal recycling, waste management, and airport maintenance equipment industries. The company’s machines are used in a variety of applications such as scrap metal crushing, landfill compaction, and airport runway snow clearing. The company also offers its customers a robust catalogue of aftermarket replacement parts as well as a suite of value-added services such as training, maintenance, and installation.
Founded in 2005, Granite Creek Capital Partners, L.L.C. is a Chicago-based private investment firm focused on providing capital and operational resources to lower middle market companies engaged in manufacturing, business services, healthcare, and agribusiness. With an experienced team of investment professionals bringing expertise in private equity, banking, operations, and business development, Granite Creek has a successful track record of investing in and supporting its portfolio companies. In addition to providing funding to lower middle market companies, in 2011 Granite Creek co-founded Renovo Financial, one of the largest private lenders serving real estate entrepreneurs. Granite Creek was named to Inc.’s 2020 Private Equity 50 list.
About Cronus Partners
Advising on mergers, acquisitions, divestitures, sales, and private placement financings, Cronus Partners is an independent investment banking firm that provides financial advisory and other investment banking services. Winner of the New York Association for Corporate Growth’s Boutique Investment Bank of the Year Award, the firm has significant experience in advising both publicly and private companies that can benefit from middle-market transactions.
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