Maxim Crane Works and Essex Rental Corp. have successfully completed Maxim’s acquisition of Coast Crane Co., an indirect subsidiary of Essex. Founded in 1970 and based in Seattle, 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 U.S.’ fastest growing crane rental markets.
The transaction was approved by the stockholders of Essex at a special meeting June 5. The acquisition was funded with the proceeds of an offering of Second-Priority Senior Secured Notes due 2024 issued by a Maxim affiliate.
Maxim will begin integrating Coast with its existing operating business. 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.
“Coast Crane offers one of the most experienced teams of crane professionals in the region,” said Maxim CEO Bryan Carlisle. “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.”
“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 tea, future business prospects and strong balance sheet.”
Coast has 11 branches in Alaska, British Columbia, California, Hawaii, Texas, Oregon and Washington.
Maxim Crane Rental Corp., based in Bridgeville, Pa., is No. 4 on the RER 100.
