“The dividend recapitalization distribution provided an opportunity to return significant capital to the KCP limited partners and for KCP to continue to maintain ownership in a growing business. The recapitalization also enabled KCP to reward management for its hard work and dedication in transforming Essex into a market leader,” said Michael DeGrandis, Kirtland managing partner and CFO.
Essex was bought by Kirtland in 2000. Kirtland has invested in management and information systems as well as the implementation of efficient business processes developed through a strategic planning process, it said. Management has significantly increased fleet utilization and re-sized the equipment fleet by selling older cranes and investing in new rental assets, it said.
Essex currently has more than 420 cranes and attachments in its fleet.
