The acquisition of Maxim Crane Works by affiliates of Platinum Equity Capital Partners has been finalized, the company said last week. According to the deal agreed to May 5, PEC acquired all of the outstanding shares of Maxim Crane for $42.50 per share. The deal was approved by a special meeting of stockholders June 11.
“Maxim Crane is the largest crane rental company in the world and a dominant player in its markets,” said Louis Samson, 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. We intend to support an aggressive acquisition program and play a significant role in the consolidation of this industry.”
Maxim Crane CEO Art Innamorato said Maxim Crane will remain the biggest player in crane rental and said he and Maxim’s management team “look forward to the execution of a strategic plan that will create value organically and via strategic acquisitions.”
Maxim’s board of directors was advised by Goldman, Sachs & Co. and Latham & Watkins KK, while PEC was advised by Wachovia Securities and Bingham McCutchen. In connection with the transaction, Maxim Crane entered into a $500 million asset-based revolving credit facility, underwritten by Wachovia.
Maxim Crane has 35 branches. Based in Pittsburgh, it is No. 7 on the RER 100. Platinum Equity is a global merger and acquisitions firm with more than 80 acquisitions completed with more than $24 billion in aggregate annual revenue at the time of acquisition.
