{"id":1881,"date":"2016-05-02T13:57:37","date_gmt":"2016-05-02T13:57:37","guid":{"rendered":"http:\/\/minutes.machine.market\/?p=1881"},"modified":"2016-05-02T13:57:37","modified_gmt":"2016-05-02T13:57:37","slug":"apollo-to-acquire-and-merge-maxim-crane-and-amquip-crane-sources","status":"publish","type":"post","link":"https:\/\/machine.market\/blog\/apollo-to-acquire-and-merge-maxim-crane-and-amquip-crane-sources\/","title":{"rendered":"Apollo to acquire and merge Maxim Crane and AmQuip Crane: sources"},"content":{"rendered":"<p><span class=\"articleLocatio&lt;\/span&gt;n\" style=\"transform: translate3d(0px, 0px, 0px);\"><a href=\"http:\/\/www.agm.com\/Home.aspx\" target=\"_blank\" rel=\"noopener noreferrer\">Apollo Global Management LLC<\/a> \u00a0has struck deals to acquire <a href=\"http:\/\/www.maximcrane.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Maxim Crane Works LP<\/a> and <a href=\"http:\/\/www.amquip.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">AmQuip Crane Rental LLC<\/a>, creating a U.S. lifting equipment company valued at close to $1.4 billion, including debt, people familiar with the matter said.<\/span><\/p>\n<p>Apollo&#8217;s agreements with two other private equity firms are the latest indication that financing for leveraged buyouts is becoming available again, after a bout of volatility that rocked the high-yield bond market and upset the sale of several junk-rated loans gradually subsided.<\/p>\n<p>Apollo was close to an agreement to acquire Maxim Crane in December, Reuters reported at the time. However, banks&#8217; unwillingness to offer financing then prevented the New York-based private equity firm from clinching a deal.<\/p>\n<p>Apollo&#8217;s agreements to acquire and combine Maxim and AmQuip, which are expected to be announced later on Monday, are subject to approval by antitrust authorities, the sources said.<\/p>\n<p>The sources requested anonymity because the acquisition and combination of Maxim and AmQuip have not been announced yet. Apollo declined to comment, while Maxim and AmQuip did not respond to requests for comment.<\/p>\n<p>Headquartered in Bridgeville, Pennsylvania, Maxim rents out mobile cranes and other heavy equipment, primarily to energy-related and non-residential building construction companies. It offers more than 1,300 cranes, one of the largest fleets in the industry.<\/p>\n<p>The company&#8217;s clients include Exxon Mobil Corp (<span id=\"symbol_XOM.N_1\"><a href=\"http:\/\/www.reuters.com\/finance\/stocks\/overview?symbol=XOM.N\">XOM.N<\/a><\/span>), Royal Dutch Shell Plc (<span id=\"symbol_RDSa.L_2\"><a href=\"http:\/\/www.reuters.com\/finance\/stocks\/overview?symbol=RDSa.L\">RDSa.L<\/a><\/span>), BASF SE (<span id=\"symbol_BASFn.DE_3\"><a href=\"http:\/\/www.reuters.com\/finance\/stocks\/overview?symbol=BASFn.DE\">BASFn.DE<\/a><\/span>) and General Electric Co (<span id=\"symbol_GE.N_4\"><a href=\"http:\/\/www.reuters.com\/finance\/stocks\/overview?symbol=GE.N\">GE.N<\/a><\/span>).<\/p>\n<p>Based in Trevose, Pennsylvania, AmQuip has a fleet of more than 500 cranes.<\/p>\n<p>Apollo would acquire Maxim from Platinum Equity LLC, which took the company private in 2008 for about $600 million. The AmQuip deal is with Clearlake Capital Group LP, which acquired that company in 2014 for an undisclosed amount.<\/p>\n<p>Apollo braved the tough market for leveraged buyouts earlier this year when it set a deal to acquire U.S. security company ADT Corp (<span id=\"symbol_ADT.N_5\"><a href=\"http:\/\/www.reuters.com\/finance\/stocks\/overview?symbol=ADT.N\">ADT.N<\/a><\/span>) and merge it with Protection 1, a smaller U.S. peer it bought last year, to create a company worth about $15 billion, including debt.<\/p>\n<p>BY <a href=\"http:\/\/www.reuters.com\/journalists\/greg-roumeliotis\">GREG ROUMELIOTIS<\/a><\/p>\n<p>Editing by Lisa Von Ahn<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Apollo Global Management LLC \u00a0has struck deals to acquire Maxim Crane Works LP and AmQuip Crane Rental LLC, creating a U.S. lifting equipment company valued at close to $1.4 billion, including debt, people familiar with the matter said. Apollo&#8217;s agreements with two other private equity firms are the latest indication that financing for leveraged buyouts [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1890,"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":[370],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v14.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Apollo to acquire and merge Maxim Crane and AmQuip Crane: sources - 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\/apollo-to-acquire-and-merge-maxim-crane-and-amquip-crane-sources\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Apollo to acquire and merge Maxim Crane and AmQuip Crane: sources - MachineMarket Blog\" \/>\n<meta property=\"og:description\" content=\"Apollo Global Management LLC \u00a0has struck deals to acquire Maxim Crane Works LP and AmQuip Crane Rental LLC, creating a U.S. lifting equipment company valued at close to $1.4 billion, including debt, people familiar with the matter said. 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