Although it announced it will trade on the NASDAQ capital markets, it Cranes Today can find no reference to the company on the stock exchange as of November 3.
Kirtland entered into an agreement to sell Essex to Hyde Park in March 2008. Completion of the transaction was subject stockholder and regulatory approvals. Kirtland had acquired Essex in May of 2000.
“Our affiliation with Kirtland Capital has been an important part of our success over the past eight years,” said Ron Schad, president and CEO of Essex. “Their support of our management team and understanding of our business and industry, along with their expertise in the areas of finance and operations, served a vital role in the growth of our company. We are proud to have been associated with this fine firm and look forward to continuing the relationships we formed during their ownership.”
Preliminary unaudited figures of Essex’s June to September business show a rental EBITDA of $12m, up 41% year on year, Hyde Park reported.
Hyde Park said that the growth in rental EBITDA continues to be driven by strong utilization rates for Essex’s fleet and increasing average monthly crane rental rates, the latter resulting from a mix shift towards higher lift capacity equipment and same crane class rental rate increases on a year over year basis. For the quarter ended September 30, 2008 average monthly crane rental rates increased by 34.4% to $22,258 versus $16,563 for the same quarter last year.
“We are very pleased with the financial outcome of our investment in Essex, from the recapitalization in February 2007, to the final sale today,” said Mike DeGrandis, Kirtland managing partner and CFO. “Our partnership with the dedicated management team of Essex, combined with the financial, operational and strategic support of Kirtland Capital’s team, provided a strong foundation for building a very successful business. The efforts of Essex management and Kirtland Capital have provided shareholders with significant returns on their investment.”
