Carousel Capital Recapitalizes CraneWorks
August 26, 2025
Carousel Capital has recapitalized CraneWorks, partnering with brothers David and Steve Upton who will remain significant continuing owners. The recapitalization—funded from Carousel’s sixth fund with senior debt provided by PNC Bank, Truist Financial, and Pinnacle Financial Partners—will fund fleet expansion and deepen CraneWorks’ operated crane and equipment rental service offerings from its Birmingham, Alabama base.
- Buyers
- Carousel Capital
- Targets
- CraneWorks
- Sellers
- David Upton, Steve Upton
- Industry
- Industrial Services
- Location
- Alabama, United States
- Transaction Type
- Recapitalization
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