PITTSBURGH, July 2 /PRNewswire-FirstCall/ -- MAXIM CRANE WORKS HOLDINGS, INC. (OTC: MXMC.PK - News; "Maxim Crane") today announced that affiliates of Platinum Equity Capital Partners II, L.P. ("Platinum Equity") have completed the acquisition of Maxim Crane pursuant to the terms of the Merger Agreement it entered into on May 5, 2008. As part of the transaction, Platinum Equity acquired all of the outstanding shares of Maxim Crane for $42.50 per share. The Merger was approved at a Special Meeting of Stockholders on June 11, 2008.
“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 forty year history”. “Maxim Crane will continue to lead the industry in comprehensive crane and lift solutions” Mr. Innamorato said. “My management team looks forward to the execution of a strategic plan that will create value organically and via strategic acquisitions”.
The Board of Directors was advised by Goldman, Sachs and Co. and Latham & Watkins LLP. Platinum Equity was advised by Wachovia Securities and Bingham McCutchen LLP. In connection with the transaction, Maxim Crane entered into a $500 million asset-based revolving credit facility, which was underwritten by Wachovia.
About Maxim Crane: Maxim Crane, the nation's leading coast-to-coast, full-service crane rental and lift services company, currently operates over 35 branch offices in six regions. Maxim Crane specializes in the provision of cranes and other ancillary equipment. With Maxim Crane's expansive resource network, each branch has the capability to provide management, rigging engineering and outsourcing, making Maxim Crane's product and service offerings the most comprehensive in the industry. More information about Maxim Crane can be found on the company's website at www.maximcrane.com.
About Platinum Equity: Platinum Equity (www.platinumequity.com) is a global M&A&O® firm specialized in the merger, acquisition and operation of companies that provide services and solutions to customers in a broad range of business markets, including information technology, telecommunications, logistics, manufacturing, metals services and distribution. Since its founding in 1995 by entrepreneur Tom Gores, Platinum Equity has completed more than 80 acquisitions with more than $24 billion in aggregate annual revenue at time of acquisition.