AmQuip not interested in Maxim
24 April 2008
Following the news in July that Maxim Crane Works is exploring options that could include a sale of the business, AmQuip has ruled out the possibility of bidding for the company.
In 2004 AmQuip offered $325 million to buy Maxim, which was in Chapter 11 Bankruptcy protection at the time. AmQuip general manager Frank Bardonaro said, “We have zero interest in any of the Maxim company in its present condition. As you know, we made a strong run at it during their last bankruptcy, but don't believe the selling of assets and losses of key people that has transpired since then has made them a viable play for AmQuip or any other family-owned business. Paying the lawyers and financial institutions who own and manage Maxim today's prices for their assets would not be the type of strategy that we would explore at this time.”
Since the unsuccessful bid for Maxim in 2004, AmQuip has invested more than $60 million in its tower crane fleet and formed a strategic alliance with Elliott Crane Rental in Tennessee. “We believe that we have positioned ourselves very well to cover the markets that we serve, and our organic growth along with some very key partnerships and acquisitions have us pretty much where we want to be at this time”said Bardonaro.