Maxim Crane Works completed the acquisition of Coast Crane, an indirect subsidiary of Essex Rental. Founded in 1970 and based in Seattle, Coast is a provider of bare crane rental and related lift solutions servicing the West Coast of the U.S. Maxim’s acquisition of Coast enhances it’s full-service, nationwide crane rental and lifting solutions platform and expands its operations in one of the nation’s fastest growing crane rental markets.

The transaction, previously announced in April, was approved by the stockholders of Essex at a special meeting held on June 5, 2017. The acquisition was funded with the proceeds of an offering of second-priority senior secured notes due 2024 issued by an affiliate of Maxim.

Maxim will begin integrating Coast with its existing operating business. Customers will continue to receive the same service they have come to expect. Through Maxim’s coast-to-coast footprint, engineering, operated rentals and heavy haul services, the Coast team and customers will gain access to one of the largest modern fleets of full service lifting solutions in the world.

Bryan Carlisle, CEO of Maxim, stated, “Coast Crane offers one of the most experienced teams of crane professionals in the region. Their state of the art fleet provides customers with a ‘best in class’ brand of products, parts, services and rental equipment. We are confident that the combination of Coast and Maxim will bring added value to our combined customer base, employees and the industry.”

Nick Matthews, CEO of Essex, stated, “We believe that this transaction delivers the best current return for our shareholders and provides a good opportunity for our employees to work for a company positioned for growth due to its experienced management team, future business prospects and strong balance sheet.”

Stifel served as the exclusive financial advisor to Coast for the sale and Brown Rudnick served as Coast’s legal advisor. Paul, Weiss, Rifkind, Wharton & Garrison served as Maxim’s legal advisor.