Crescent Operating, Inc. Announces the Acquisition Of E. L. Lester and Company.
Crescent Operating, Inc. (Nasdaq:COPI) today announced that its wholly owned subsidiary, Crescent Machinery Company, has acquired E. L. Lester and Company, a construction crane rental company located in Houston, Texas, for approximately $ 14.6 million.
With this acquisition, Crescent Operating is continuing its consolidation of companies within the Equipment, Sales and Leasing segment and now has 18 locations throughout 7 states. E. L. Lester and Company has approximately $15 million in revenues and specializes in the sales and rental of 8 to 300 ton conventional and hydraulic cranes to highway, building and industrial contractors.
Crescent Operating also announced that Crescent Machinery is opening a new location in Fort Worth, Texas, on August 1, 1999. With the acquisition of E. L. Lester and Company and the new Fort Worth location, Crescent Machinery will have 8 locations throughout the state of Texas.
John C. Goff, Crescent Operating's Chief Executive Officer commented, "The acquisition of E.L. Lester significantly expands our construction crane rental business. With our 8 Texas locations, we are well positioned to capture a portion of the $1.8 billion designated by the federal government for highway and transit programs in the state of Texas over the next 5 years."
Crescent Operating is a diversified management company which through various subsidiaries and affiliates, owns, leases or operates a portfolio of assets consisting primarily of seven full-service hotels and two destination health and fitness resorts, an interest in a behavioral health company, an interest in a refrigerated warehouse operating company, an interest in three real estate development operations, and an equipment sales and leasing business.
Certain of the statements in this press release constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Although Crescent Operating believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, Crescent Operating's actual results could differ materially from those set forth in the forward-looking statements. Factors that could cause actual results to differ materially from Crescent Operating's expectations include, among others, the ability of the Company to continue its acquisitions in the equipment sales and leasing sector and the availability of equity and debt financing. For a more complete discussion of these and other risk factors, please see Crescent Operating's SEC reports, including its annual report on Form 10-K, quarterly reports on Form 10-Q, reports on Form 8-K and the Company's Registration Statement on Form S-4.
For further information, please contact Rick Knight, Chief Financial Officer at 817/339-2212. Crescent Operating is also online at www.crescentoperating.com.