BRIDGEVILLE, Pa. & BUFFALO GROVE, Ill.--(BUSINESS WIRE)--Maxim Crane Works, L.P. (“Maxim”) and Essex Rental Corp. (OTC: ESSX) (“Essex”) today jointly announced the successful completion of the acquisition by Maxim of Coast Crane Company (“Coast”), an indirect subsidiary of Essex. Founded in 1970 and based in Seattle, Washington, Coast is one of the largest providers of bare crane rental and related lift solutions servicing the West Coast of the United States. Maxim’s acquisition of Coast meaningfully enhances Maxim's full-service, nationwide crane rental and lifting solutions platform and expands its operations in one of the nation’s fastest growing crane rental markets.
The transaction, previously announced on April 20, 2017, was approved by the stockholders of Essex at a special meeting held on June 5, 2017. The acquisition was funded with the proceeds of an offering of Second-Priority Senior Secured Notes due 2024 issued by an affiliate of Maxim.
Maxim will begin integrating Coast with its existing operating business. Customers will continue to receive the same high quality service they have come to expect. Through Maxim’s coast-to-coast footprint, engineering, operated rentals and heavy haul services, the Coast team and customers will gain access to one of the largest modern fleets of full service lifting solutions in the world.
Bryan Carlisle, Chief Executive Officer of Maxim, stated, “Coast Crane offers one of the most experienced teams of crane professionals in the region. Their state of the art fleet provides customers with a ‘best in class’ brand of products, parts, services and rental equipment. We are confident that the combination of Coast and Maxim will bring added value to our combined customer base, employees and the industry.”
Nick Matthews, Chief Executive Officer of Essex, stated, “We believe that this transaction delivers the best current return for our shareholders and provides a good opportunity for our employees to work for a company positioned for growth due to its experienced management team, future business prospects and strong balance sheet.”
Stifel served as the exclusive financial advisor to Coast for the sale; and Brown Rudnick LLP served as Coast’s legal advisor. Paul, Weiss, Rifkind, Wharton & Garrison LLP served as Maxim’s legal advisor.
About Coast Crane
Founded in 1970, Coast serves more than 2,000 customers through a network of 11 branches in Alaska, British Columbia, California, Hawaii, Texas, Oregon and Washington. Coast owns more than 250 cranes and is a leading provider of crane and lifting equipment rental and sales, specializing in bare crane rentals. For more information about Coast, please visit https://www.coastcrane.com/.
About Maxim Crane Works
Founded in 1937, Maxim is one of the largest lifting solutions businesses in North America. Maxim, with its affiliated companies, serves more than 6,000 customers through its fleet of over 2,100 cranes situated in 46 branches. Maxim’s full suite of lift solutions include operated and maintained cranes, bare rental cranes, heavy haul / rigging services, and value-added advisory services. Maxim offers a full portfolio of cranes used in a variety of end markets. For more information about Maxim, please visit http://www.maximcrane.com/
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