Kirtland Capital Partners last week announced that it completed a $50 million dividend recapitalization of its portfolio company, Essex Crane Rental Corp. The transaction was structured to facilitate a return of capital to KCP investors.
Since KCP’s acquisition in 2000, the family-owned business has been transformed into a market leader through investments in management and information systems as well as the implementation of efficient business processes developed through a strategic planning process. As a result, management has significantly increased fleet utilization and right-sized the equipment fleet by selling older cranes and investing in new rental assets.
“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,” said Michael DeGrandis, Kirtland managing partner and chief financial officer.
Essex Crane Rental is a provider of lattice-boom crawler cranes and attachments. With more than 420 cranes and attachments in its fleet, Essex supplies cranes for construction projects related to power generation, petro-chemical, refineries, water treatment and purification, bridges, highways, hospitals, shipbuilding and commercial construction.
Based in Buffalo Grove, Ill., Essex is No. 20 on the RER 100.