“Maxim Crane is the largest crane rental company in the world and a dominant player in its markets,” said Louis Samson, the Platinum Equity principal who led the acquisition. “We are excited about Maxim Crane’s potential and look forward to partnering with a terrific management team on a strategy that will continue to drive the growth of the business,” Mr. Samson said. “We intend to support an aggressive acquisition program and play a significant role in the consolidation of this industry.”
Commenting on the acquisition, Art Innamorato, Maxim Crane’s Chief Executive Officer, stated, “We are very pleased to partner with Platinum Equity as we enter the next chapter in Maxim’s 40-year history. Maxim Crane will continue to lead the industry in comprehensive crane and lift solutions.” Mr. Innamorato added: “My management team looks forward to the execution of a strategic plan that will create value organically and via strategic acquisitions.”
In connection with the transaction, Maxim Crane entered into a $500 million asset-based revolving credit facility, which was underwritten by Wachovia Securities.
