PNC, Wells Provide $109MM Revolver for Acme Lift
G.C. Andersen Partners announced the closing of a $109.1 million financing for Acme Lift, the world’s largest wholesale rental company.
The financing was structured with an $85 million senior revolver provided by PNC Bank and Wells Fargo Capital Finance, and a $24.1 million note provided by Morgan Stanley Credit Partners II. G.C. Andersen Partners acted as exclusive financial advisor and placement agent to Acme Lift.
“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.”
Mesa, AZ-based Acme Lift is the leading re-renter of the latest, largest aerial work platforms and telehandlers.