Maxim Crane Works has completed the of Coast Crane Company, an indirect subsidiary of Essex Rental Corp. Founded in 1970 and based in Seattle, WA, Coast Crane is one of the largest providers of bare crane rental and related lift solutions servicing the western U.S., the company said. 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, according to Maxim.
The transaction that was previously announced on April 20, 2017, was approved by the stockholders of Essex at a special meeting 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. The company did not reveal a purchase price.
Maxim will begin integrating Coast with its existing operating business. Customers will continue to receive the same quality service they have come to expect, Maxim said. 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, the company said.
Bryan Carlisle, CEO 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.”
Coast serves more than 2,000 customers through a network of 11 branches in Alaska, British Columbia, California, Hawaii, Texas, Oregon and Washington, according to a press release.
“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,: said Nick Matthews, Essex CEO.
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.