Jim Crane
Encyclopedia
James Robert "Jim" Crane is a businessman from Houston, Texas
. Crane is chairman and chief executive of Crane Capital Group and he is also the owner and chairman of the MLB team Houston Astros
, attended Lutheran High School North
and graduated from there in 1972. He gave the school a donation of USD$
1 million to improve their athletic facilities and enlarge the size of the campus from from 40 acres to 67 in 2004. The school named the James R. Crane Athletic Complex for his contribution.
Crane earned a degree in industrial safety from Central Missouri State University
(now University of Central Missouri) in 1976. He pitched for the Central Missouri Mules baseball
team. Crane's father died between his freshman and sophomore years and he seriously thought about dropping out of college, but his coach Robert N. Tompkins drove to his home in north St. Louis and talked Crane into returning to school.
In 1998 Crane was the largest donor in a USD$1.2 million upgrade of the CMSU baseball stadium, which was then named James R. Crane Stadium.
investigation regarding hiring practices of minorities and women.
Eagle USA Airfreight later became Eagle Global Logistics, and then EGL, Inc., and moved into the supply chain management and information services business. In August 2007 EGL merged with United Kingdom based CEVA Logistics, owned by American private equity capital management and leveraged buyout firm Apollo Management L.P.
. Crane owned approximately 17.6% of EGL's stock at the time of the merger. He had wanted to do a leveraged, management, or combination of the two, buyout of EGL, prior to the merger with CEVA, but was unable to obtain financing on acceptable terms. Later, after he obtained equity backing he initially offered $36 per-share for EGL, but Apollo then engaged in a bidding war and the shareholders eventually went with the Apollo/CEVA offer of $47.50 per share. He was opposed to the EGL and CEVA merger.
Crane took his profits from EGL and formed Crane Capital Group. He also became a director and shareholder (less than 1%) in Western Gas Holdings, LLC, the general partner in Western Gas Partners, LP, a mid-stream (mainly pipelines and natural gas gathering assets) energy company operating in the southeastern Rocky Mountain region and southern Mid-Continent area (Oklahoma and Texas) of the United States. Western Gas Holdings and Western Gas Partners are majority owned by Anadarko Petroleum Corporation
. Crane is also the majority shareholder in Crane Worldwide Logistics LLC., director of Fort Dearborn Life Insurance Company (a subsidiary of Health Care Service Corporation
), and a director and executive officer in Champion Energy Holdings LLC.
Crane reached an agreement to purchase the Houston Astros
of Major League Baseball
from Drayton McLane for a reported $680 million. He was unanimously approved by MLB on November 17, 2011.
For her 60th birthday party Franci was serenaded by the rock-pop band The B-52's
at the Crane's summer home in Nantucket, Massachusetts
in July 2010.
Houston, Texas
Houston is the fourth-largest city in the United States, and the largest city in the state of Texas. According to the 2010 U.S. Census, the city had a population of 2.1 million people within an area of . Houston is the seat of Harris County and the economic center of , which is the ...
. Crane is chairman and chief executive of Crane Capital Group and he is also the owner and chairman of the MLB team Houston Astros
Houston Astros
The Houston Astros are a Major League Baseball team located in Houston, Texas. They are a member of the National League Central division. The Astros are expected to join the American League West division in 2013. Since , they have played their home games at Minute Maid Park, known as Enron Field...
Early life and education
Crane, who grew up in the north St. Louis suburb of Dellwood, MissouriDellwood, Missouri
Dellwood is a city in north St. Louis County, Missouri, United States. The population was 5,025 at the 2010 census.-Geography:Dellwood is located at ....
, attended Lutheran High School North
Lutheran High School North (Missouri)
Lutheran High School North is a parochial Christian school in St. Louis County, Missouri in the United States. It currently offers education in grades nine through twelve, and is associated with the Lutheran Church-Missouri Synod. It is a Christian, mission-driven school that is centered in Jesus...
and graduated from there in 1972. He gave the school a donation of USD$
United States dollar
The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
1 million to improve their athletic facilities and enlarge the size of the campus from from 40 acres to 67 in 2004. The school named the James R. Crane Athletic Complex for his contribution.
Crane earned a degree in industrial safety from Central Missouri State University
University of Central Missouri
The University of Central Missouri is a four-year public institution in Warrensburg, Missouri.- History :...
(now University of Central Missouri) in 1976. He pitched for the Central Missouri Mules baseball
Central Missouri Mules and Jennies
The sports teams at the University of Central Missouri are known as the Mules and Jennies . They participate in the NCAA's Division II and in the MIAA Conference.Men's sports*Baseball*Basketball*Cross country*Football*Golf...
team. Crane's father died between his freshman and sophomore years and he seriously thought about dropping out of college, but his coach Robert N. Tompkins drove to his home in north St. Louis and talked Crane into returning to school.
In 1998 Crane was the largest donor in a USD$1.2 million upgrade of the CMSU baseball stadium, which was then named James R. Crane Stadium.
Career
After graduating from college he followed his father and went into the insurance business. He moved to Houston in 1980, and in March 1984 Crane borrowed USD$10,000 from his sister and founded Eagle USA Airfreight, an air freight logistics business. In 2000 Eagle USA was subject of an Equal Employment Opportunity CommissionEqual Employment Opportunity Commission
The U.S. Equal Employment Opportunity Commission is an independent federal law enforcement agency that enforces laws against workplace discrimination. The EEOC investigates discrimination complaints based on an individual's race, color, national origin, religion, sex, age, perceived intelligence,...
investigation regarding hiring practices of minorities and women.
Eagle USA Airfreight later became Eagle Global Logistics, and then EGL, Inc., and moved into the supply chain management and information services business. In August 2007 EGL merged with United Kingdom based CEVA Logistics, owned by American private equity capital management and leveraged buyout firm Apollo Management L.P.
Apollo Management
Apollo Global Management, LLC is a private equity investment firm, founded in 1990 by former Drexel Burnham Lambert banker Leon Black. The firm specializes in leveraged buyout transactions and purchases of distressed securities involving corporate restructuring, special situations and industry...
. Crane owned approximately 17.6% of EGL's stock at the time of the merger. He had wanted to do a leveraged, management, or combination of the two, buyout of EGL, prior to the merger with CEVA, but was unable to obtain financing on acceptable terms. Later, after he obtained equity backing he initially offered $36 per-share for EGL, but Apollo then engaged in a bidding war and the shareholders eventually went with the Apollo/CEVA offer of $47.50 per share. He was opposed to the EGL and CEVA merger.
Crane took his profits from EGL and formed Crane Capital Group. He also became a director and shareholder (less than 1%) in Western Gas Holdings, LLC, the general partner in Western Gas Partners, LP, a mid-stream (mainly pipelines and natural gas gathering assets) energy company operating in the southeastern Rocky Mountain region and southern Mid-Continent area (Oklahoma and Texas) of the United States. Western Gas Holdings and Western Gas Partners are majority owned by Anadarko Petroleum Corporation
Anadarko Petroleum Corporation
Anadarko Petroleum Corporation is one of the world’s largest independent oil and gas exploration and production companies, with approximately 2.3 billion barrels of oil equivalent of proved reserves and production of 206 million BOE as of December 31, 2008. Anadarko employs a worldwide...
. Crane is also the majority shareholder in Crane Worldwide Logistics LLC., director of Fort Dearborn Life Insurance Company (a subsidiary of Health Care Service Corporation
Health Care Service Corporation
Health Care Service Corporation , with 13 million members in its Blue Cross and Blue Shield Plans in Illinois, New Mexico, Oklahoma and Texas, is the nation’s largest non-investor-owned health insurer and fourth largest overall....
), and a director and executive officer in Champion Energy Holdings LLC.
Crane reached an agreement to purchase the Houston Astros
Houston Astros
The Houston Astros are a Major League Baseball team located in Houston, Texas. They are a member of the National League Central division. The Astros are expected to join the American League West division in 2013. Since , they have played their home games at Minute Maid Park, known as Enron Field...
of Major League Baseball
Major League Baseball
Major League Baseball is the highest level of professional baseball in the United States and Canada, consisting of teams that play in the National League and the American League...
from Drayton McLane for a reported $680 million. He was unanimously approved by MLB on November 17, 2011.
Personal life
Crane and his wife, Franci Neely Crane, are financial supporters of The Museum of Fine Arts, Houston.For her 60th birthday party Franci was serenaded by the rock-pop band The B-52's
The B-52's
The B-52's are an American rock band, formed in Athens, Georgia in 1976. The original line-up consisted of Fred Schneider , Kate Pierson , Cindy Wilson , Ricky Wilson , and Keith Strickland . Following Ricky Wilson's death in 1985 Strickland switched to guitar...
at the Crane's summer home in Nantucket, Massachusetts
Nantucket, Massachusetts
Nantucket is an island south of Cape Cod, Massachusetts, in the United States. Together with the small islands of Tuckernuck and Muskeget, it constitutes the town of Nantucket, Massachusetts, and the coterminous Nantucket County, which are consolidated. Part of the town is designated the Nantucket...
in July 2010.