22.03.2007

Essex Recapitalised

Kirtland Capital Partners the owner of Essex crane the Illinois based crawler crane rental company has completed a $50.0 million dividend recapitalisation of Essex Crane Rental, the crawler crane rental company that it acquired in May 2000.

Precise details of the transaction have not been disclosed, but the deal was structured to return cash to Kirtland investors.

Essex is managed by Ron Schad who until 2000 was executive vice president and general manager of Manitowoc crane. Essex was one of Manitowoc’s largest customers when he joined with an all Manitowoc fleet.

In 2003 the company began buying Liebherr crawler cranes, the first time it had ever bought a non Manitowoc product. It owns and operates around 420 cranes most of which are still Mantowocs

Michael DeGrandis, Kirtland managing partner and CFO. Said:
"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. The recapitalization also enabled KCP to reward management for its hard work and dedication in transforming Essex into a market leader,"