GE Capital, Corporate Finance today said it is administrative agent on a $75 million asset-based credit facility for Acme Lift Co. LLC, a leading wholesale rental company for aerial work platform equipment. The loan will be used to refinance existing debt and support future growth. GE Capital Markets served as sole bookrunner.
Based in Arizona and founded in 1997 by Woody Weld, Acme Lift Co. provides equipment to more than 900 rental companies in the United States and Canada, who in turn rent equipment to commercial, industrial and specialty construction firms. Acme is one of the world’s largest strictly wholesale rental companies, with an extensive fleet of boomlifts, telehandlers and truck-mounted cranes. Acme Rents specializes in the larger end of the aerial rental spectrum, offering larger aerials than most construction equipment rental companies are equipped to handle.
“GE Capital brought extensive industry knowledge and creative structuring concepts to the deal,” said Steve Nadelman, president and chief operating officer of Acme Lift Co. “Their deep understanding of our business model enabled them to deliver a financing solution that will help build our business.”
“We’re committed to providing capital and market insight to our customers,” said Bob McCarrick, chief commercial officer, lending for GE Capital, Corporate Finance. “Leveraging GE’s insight and industry experience in the rental equipment marketplace allowed us to develop tailored financing options that support the growth of mid-size businesses.”
GE Capital, Corporate Finance provides asset-based, cash flow and structured loans and leases to mid-size and large U.S. businesses. Financing supports working capital, growth, acquisitions, turnarounds and balance sheet optimization in key sectors: Aerospace and defense; automotive and transportation; chemicals and plastics; construction and building products, corporate aircraft; energy; food and beverage; manufacturing; marine; metals and mining; paper, packaging and forest products; retail; and technology and electronics. GE Capital has provided funding for numerous equipment rental companies.
Acme Lift Co. is based in Mesa, Ariz., and is No. 56 on the RER 100.
