Coast Crane to Be Acquired by Maxim Crane Works for $72.5 Million
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April 20, 2017
"BRIDGEVILLE, Pa. & BUFFALO GROVE, Ill.--(BUSINESS WIRE)-- Maxim Crane Works, L.P. ("Maxim") and Essex Rental Corp. (OTC: ESSX) ("Essex") today jointly announced that the companies have entered into a stock purchase agreement pursuant to which Maxim will acquire Coast Crane Company ("Coast"), an indirect wholly-owned subsidiary of Essex. Founded in 1970 and based in Seattle, Washington, Coast is one of the largest providers of bare crane rental and related lift solutions servicing the West Coast of the United States. Maxim's acquisition of Coast meaningfully enhances Maxim's fullservice, nationwide crane rental and lifting solutions platform and expands its operations in one of the nation's fastest growing crane rental markets."
"Pursuant to the stock purchase agreement, Maxim will acquire all of the issued and outstanding shares of Coast's parent company, CC Acquisition Holding Corp., for $72.5 million, subject to closing date working capital and other adjustments. The sale has been approved by Essex's Board of Directors and is expected to close in the second quarter of 2017. The transaction is subject to customary closing conditions and the approval of Essex stockholders. A special meeting of Essex stockholders to approve the sale will be held on a date to be announced."