THE INTERVIEW
A keen eye for talent
In business for more than 20 years, CraneTech remained a small but successful company until four years ago, when current CEO Eric Factor and his business partner steered it on a course of rapid organic growth and an aggressive strategy of acquisition. He tells OCH about this journey into the crane industry, and how the company’s people- first approach is creating the perfect recipe for continued growth and expansion.
C
raneTech, which provides crane installations, inspections, repairs and training for clients across the US with more than 30 offices and locations, has undergone a major transformation in the past few years, thanks largely to its young and dynamic CEO, Eric Factor. The company was established in 2004, and since then has maintained an intense focus on delivering top-quality products, superior training, and high-level expertise to support its customers success. It has always prided itself on its dedication to safety, customer satisfaction and employee well-being, which it achieves thanks to a firm belief that people are the most important resource. CraneTech’s transformation has come in the form of rapid growth, and it established a reputation as an acquisitive company, but not in the way some might expect. In an industry that continues to undergo consolidation, and which is attracting significant investment from private equity and other external investors, CraneTech has prioritised culture, skill set and people in its acquisitions. In late 2023, it bought Tulsa, Oklahoma- based Ameracrane & Hoist, which itself had a history spanning more than two decades. The move added 25 dedicated professionals and a well-stocked parts department to the CraneTech family, and played a key part in the company’s expansion into the central US territory. In 2024, CraneTech brought Twin City Crane & Hoist, based in Anthony, New Mexico, under its umbrella. The company that has serviced the El Paso, Texas market for many years solidified
CraneTech’s footprint in the south west US, where it already has operations in Phoenix, Tucson, Albuquerque, Dallas and Houston. And those deals are just the tip of the iceberg, with 15 acquisitions having been completed in the past four years, and more currently in the pipeline. Driving this is Factor, along with friend and CFO Austin King. From the outside, their strategy may look similar to some other consolidators, but they insist their approach is very different. They seek to identify opportunities for owners who are super-focused on their people, and their targets are often much smaller than a private equity investor might seek. Typically, a target will consist of the owner, a service manager and perhaps six technicians. Factor is not interested in taking on huge operations that have to be laboriously integrated into the broader business. The focus is on the employees and their skill set, with a view to expanding into markets where Factor feels the company can come in with a good head of steam. Whether through acquisition or organic growth,
Factor is determined to further strengthen his company’s focus on its core values – safety, dependability, teamwork and humility.
What drives you as an industry leader? Eric Factor: First and foremost, an opportunity to build the safest company in the industry. Everything we do is built on our foundation of safety. We are also very long-term focused, and intensely passionate about our people. We are working to build a company that our employees are proud to call home for the rest of their careers.
ochmagazine.com | Summer 2025 35
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