Essex Rental Corp. has retained RBC Capital, an advisor to the heavy lift rental equipment segment, to evaluate strategic alternatives for Essex Crane Rental Corp., one of the company’s two operating subsidiaries. The company’s board of directors authorized the initiative and the hiring of RBC Capital Markets in January in order to assess alternatives for creating shareholder value.
Essex didn’t specifically state that it was contemplating selling the crane rental company, but typically an evaluation of strategic alternatives includes the consideration of a sale. Essex said it will provide periodic updates on the initiative as warranted.
The company also announced that two of its long-standing directors, John Nestor and Dan Blumenthal, will not stand for reelection at the upcoming 2015 annual stockholders meeting, and that the nominating committee of the board is searching for possible candidates for inclusion on management’s slate of director nominees.
“We are confident that our search for director candidates will yield highly qualified professionals with strong credentials in the equipment rental sector or other relevant areas of expertise,” said Essex board chairman Laurence Levy.
Essex Crane Rental, based in Buffalo Grove, Ill., is No. 45 on the RER 100.
