G.C. Andersen Partners Completes $109.1 Million Financing For Acme Lift Co.
NEW YORK and MESA, Ariz., Jan. 6, 2015 /PRNewswire/ -- G.C. Andersen Partners, a New York-based investment bank, announced the closing of a $109.1 million financing for Acme Lift Co., the world's largest wholesale rental company.
The financing was structured with an $85 million Senior Revolving Credit Facility provided by PNC Bank, N.A. and Wells Fargo Capital Finance, part of Wells Fargo & Company Bank, and a $24.1 million note provided by Morgan Stanley Credit Partners II L.P. G.C. Andersen Partners acted as exclusive financial advisor and placement agent to Acme Lift.
Acme Lift, based in Mesa, Arizona, is the leading re-renter of the latest, largest aerial work platforms and telehandlers.
"Acme Lift has a unique and highly effective wholesale business model that does not require it to maintain a staff of sales, maintenance, delivery people and vehicles, and facilities in every local market," said Woody Weld, Acme Lift's chairman and chief executive officer. "The local rental companies typically provide all the equipment inspections, billing, routine maintenance, temporary storage and local delivery so that Acme Lift can maintain a very low cost overhead infrastructure to operate.
"G.C. Andersen has unique and extensive expertise in the equipment rental and construction industries, which allows it to gain a full appreciation of Acme Lift's leadership position in the wholesale equipment rental industry. This understanding of our unique business model enabled G.C. Andersen to effectively demonstrate to the financial community the full value and growth opportunities of Acme Lift, which resulted in the very successful capital raising effort for the company. The funds raised for Acme Lift will allow the company to refinance outstanding debt, retire preferred stock and subordinated notes and acquire additional equipment to fuel future growth and expansion."
About Acme Lift
Acme Lift, founded in 1997, is a privately owned wholesale rental company based in Mesa, Ariz. The company has the largest selection of the biggest, latest-model self-propelled boom lifts and telehandlers for re-rent throughout the United States and Canada at competitive daily, weekly or monthly rates.
About G.C. Andersen Partners
Founded by G. Chris Andersen in 1996, G.C. Andersen Partners is an investment banking partnership best known for its creativity, problem solving capabilities and the unusual depth of experience of its partners. The firm advises both private and publicly-held clients and has been an active advisor to companies in the equipment rental industry seeking to achieve the best possible outcome in their mergers and acquisitions, capital raising and corporate restructuring transactions. For more information, please visit www.andersenllc.com. The financing was executed through G.C. Andersen Partners' wholly-owned broker-dealer, G.C. Andersen Partners Capital, LLC, Member FINRA/SIPC.
For additional information please contact:
Scott Hadfield
Managing Director
G.C. Andersen Partners
[email protected]
(212) 842-1604
Melissa Krantz
Krantz & Company
[email protected]
(917) 653-6716
SOURCE G.C. Andersen Partners
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