{"id":11018,"date":"2017-04-21T14:10:06","date_gmt":"2017-04-21T14:10:06","guid":{"rendered":"http:\/\/minutes.machine.market\/?p=11018"},"modified":"2017-04-21T14:10:06","modified_gmt":"2017-04-21T14:10:06","slug":"maxim-crane-works-to-acquire-coast-crane-an-indirect-wholly-owned-subsidiary-of-essex-for-72-5-m","status":"publish","type":"post","link":"https:\/\/machine.market\/blog\/maxim-crane-works-to-acquire-coast-crane-an-indirect-wholly-owned-subsidiary-of-essex-for-72-5-m\/","title":{"rendered":"Maxim Crane Works to Acquire Coast Crane an indirect wholly-owned subsidiary of Essex for $72.5 M"},"content":{"rendered":"<p><a href=\"http:\/\/www.cranerental.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Maxim Crane Works<\/a> and\u00a0<a href=\"https:\/\/www.essexrental.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Essex Rental<\/a> entered into a stock purchase agreement pursuant to which Maxim will acquire\u00a0<a href=\"https:\/\/www.coastcrane.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Coast Crane<\/a>, an indirect wholly-owned subsidiary of Essex.<\/p>\n<p>Pursuant to the stock purchase agreement, Maxim will acquire all of the issued and outstanding shares of Coast\u2019s parent company, CC Acquisition Holding, for $72.5 million, subject to closing date working capital and other adjustments.<\/p>\n<p>In conjunction with entering into the stock purchase agreement, Coast entered into a fifth amendment to its second amended and restated credit agreement with Wells Fargo as agent for the lenders thereunder. The amendment extends the maturity date of the Coast credit facility to August 14, 2017 and includes certain milestones with respect to the sale of Coast, including receipt of stockholder approval to the sale no later than June 30, 2017.<\/p>\n<p>The stock purchase agreement provides for a \u201cgo-shop\u201d period during which the board of directors of Essex may evaluate alternative proposals.<\/p>\n<p>The sale has been approved by Essex\u2019s board of directors and is expected to close in Q2\/17. 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.<\/p>\n<p>Founded in 1970, Seattle-based Coast is a provider of bare crane rental and related lift solutions servicing the West Coast of the U.S. Maxim\u2019s acquisition of Coast enhances Maxim\u2019s full-service, nationwide crane rental and lifting solutions platform and expands its operations.<\/p>\n<p>Following the closing, Maxim will begin integrating Coast with its existing operating business.<\/p>\n<p>Bryan Carlisle, CEO of Maxim, stated, \u201cCoast Crane offers one of the most experienced teams of crane professionals in the region. Their state of the art fleet provides customers with a \u2018best in class\u2019 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.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Maxim Crane Works and\u00a0Essex Rental entered into a stock purchase agreement pursuant to which Maxim will acquire\u00a0Coast Crane, an indirect wholly-owned subsidiary of Essex. Pursuant to the stock purchase agreement, Maxim will acquire all of the issued and outstanding shares of Coast\u2019s parent company, CC Acquisition Holding, for $72.5 million, subject to closing date working [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":11019,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":""},"categories":[2,3,6],"tags":[1036],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v14.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Maxim Crane Works to Acquire Coast Crane an indirect wholly-owned subsidiary of Essex for $72.5 M - MachineMarket Blog<\/title>\n<meta name=\"robots\" content=\"index, follow\" \/>\n<meta name=\"googlebot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta name=\"bingbot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cranemarket.com\/blog\/maxim-crane-works-to-acquire-coast-crane-an-indirect-wholly-owned-subsidiary-of-essex-for-72-5-m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Maxim Crane Works to Acquire Coast Crane an indirect wholly-owned subsidiary of Essex for $72.5 M - MachineMarket Blog\" \/>\n<meta property=\"og:description\" content=\"Maxim Crane Works and\u00a0Essex Rental entered into a stock purchase agreement pursuant to which Maxim will acquire\u00a0Coast Crane, an indirect wholly-owned subsidiary of Essex. 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