Steel River Acquires WHECO, Broadening Reach and Capabilities to Build Comprehensive Lifting Platform

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Feb 06, 2024, 09:00 ET

Steel River Continues Growth in 2024 Through New Acquisition and Fundraising

LOS ANGELES, Feb. 6, 2024 /PRNewswire/ -- Steel River, a catalyst for the next generation of industrial services, today announced that the company has acquired WHECO, a global provider of crane and heavy-equipment repair, restoration and inspection. The acquisition significantly expands Steel River's capabilities in its existing markets, bringing expansive new facilities and additional technical expertise on board. The acquisition is also a major step toward Steel River's goal of building a national comprehensive lifting equipment solutions platform.

The WHECO team of over 60 skilled employees, including an accomplished management team, complements the existing Steel River employee base. WHECO's footprint largely overlaps with Steel River's existing west coast locations. Steel River's employee base now exceeds 250 highly talented individuals. The acquisition of WHECO also strengthens Steel River's CraneTech division by expanding mobile crane and aerial work platform proficiency and adding facilities and manufacturing capabilities to better serve customers' critical equipment needs.

"Steel River's vision and values closely align with ours, which have been to build a business that can stand the test of time by investing in our people and providing quality and innovative solutions to our customers. It's exciting to begin this new chapter!" said WHECO General Manager Ryan Davis. "We are thrilled to have this opportunity to grow the great team we already have in place and add new resources and expertise so that existing and new customers have access to a full array of lifting equipment solutions and repair capabilities."

Steel River, whose mission is to create the best industrial services firm in the world measured by employee and customer satisfaction, recently completed a successful eight-figure funding round, securing permanent capital to fund strategic acquisitions and its de novo growth strategy. Steel River's objective is to supply customers with the industry's best technical expertise by growing local workforces and creating a best-in-class home for technicians and skilled labor.

"After a record year, 2024 is already off to a great start for Steel River's growth plans. WHECO is an excellent fit to help round out our growing suite of lifting equipment services, and we're incredibly excited to welcome the team to the Steel River family," said Steel River Co-founder Eric Factor, who also serves as CEO of CraneTech. "We look forward to working with Ryan Davis to expand the operation and workforce, and drive further organic and inorganic growth. This new long-term fundraising will also help us expand the impact Steel River is making to protect American infrastructure and provide the best customer experience possible."

Steel River focuses on growing its industrial services portfolio by investing in the people that work to protect U.S. infrastructure, bringing new energy into legacy industries. Find out more about Steel River by visiting www.steelriver.co.

About Steel River:

Steel River is a permanent holding company for best-in-class industrial services businesses. We are a group of owner operators committed to preserving legacy, while driving innovation and positive change in our industries as well as our communities. We are driven by providing a world-class home for skilled workers that bucks industry norms. We stand on the shoulder of giants as we look to grow the businesses that protect America's infrastructure. To learn more about Steel River, visit www.steelriver.co.

Media contact: [email protected]

SOURCE Steel River