Maxim Crane Works acquired by Platinum Equity affiliates for $42.50 per share

By Lisa Kerner

Charlotte, N.C., July 2 - Affiliates of Platinum Equity Capital Partners II, LP completed their acquisition of Maxim Crane Works Holdings, Inc.

Under the companies' May 5 merger agreement, Maxim Crane shareholders will receive $42.50 per share.

Shareholders approved the deal at a special meeting on June 11, a company news release stated.

"Maxim Crane is the largest crane rental company in the world and a dominant player in its markets," Louis Samson, the Platinum Equity principal who led the acquisition, said in the release. "We intend to support an aggressive acquisition program and play a significant role in the consolidation of this industry."

Maxim Crane's board of directors was advised by Goldman, Sachs and Co. and Latham & Watkins LLP. Platinum Equity was advised by Wachovia Securities and Bingham McCutchen LLP.

In connection with the transaction, Maxim Crane noted it entered into a $500 million asset-based revolving credit facility underwritten by Wachovia.

Maxim Crane is a full-service crane rental company based in Pittsburgh.

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