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L Squared’s Crane 1 Buys Magnetic Lifting

Newport Beach-based firm expanding national footprint

Crane 1, a portfolio company of Newport Beach-based L Squared Capital Partners, has purchased the assets of Magnetic Lifting Technologies US of New Castle, Pa.. Financial terms were not released.

Magnetic Lifting (MLTUS) specializes in the manufacturing of industrial lifting magnets for the scrap, steel, slag, rail and foundry industries and also provides related services including.

“MLTUS is a high-quality product, service and parts company which shares the key values we seek in our partners as we expand our national footprint,” Sean Barrette, Partner, L Squared Capital Partners, said in a statement today announcing the purchase.

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Kevin Costelloe
Kevin Costelloe
Tech reporter at Orange County Business Journal
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