06.05.2008

Maxim bought by private equity firm

Maxim Crane Works, one of the world’s largest crane rental companies has reached an agreement to be acquired by Platinum Equity Capital in a merger type deal. Partners II, will purchase all of Maxims outstanding stock for cash, paying $42.50 per share.

Holders of Warrants to acquire Maxim Crane stock will receive the difference between the exercise price of their Warrants and $42.50 per share. The transaction will require the approval of a majority of Maxim’s shareholder.

The two parties contemplate that the acquisition will complete by June 30, 2008, but in any event no later than August 20, 2008.

Maxim Crane Works, which went into chapter 11 bankruptcy in 2004, exciting in early 2005, held a strategic review in 2006 and then organised a major share buy back auction last year, paying between $48.75 and $54 a share.

The company rents cranes and aerial lifts from 35 locations in six regions and runs a fleet of over 2,000 cranes.

Platinum Equity specialises in the merger, acquisition and operation
of companies that provide services across a broad range of markets, including information technology, telecommunications, logistics, manufacturing, metals services and distribution.

Founded in 1995 by entrepreneur Tom Gores, it has completed more than 80 acquisitions with more than $24 billion in aggregate annual revenues to date.

To see more stories on Maxim Crane enter maxim crane in the news search box in the left hand column