Maxim Crane Works L.P. has completed its acquisition of Coast Crane Co., an indirect subsidiary of Essex Rental Corp. Coast Crane provides bare crane rental and related lift solutions on the West Coast, and Maxim’s acquisition of Coast allows it to expand operations in one of the fastest growing crane rental markets. Maxim will begin integrating Coast with its existing operating business.
The transaction, which was 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.
Nick Matthews, CEO of Essex, said, “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.