SSG Capital Advisors acted as investment banker to Essex Crane Rental (ECRC) in the sale of its core assets to Maxim Crane Works, a portfolio company of Apollo Global Management. The sale was effectuated under UCC article 9 and closed in September 2016.

Founded in 1960, ECRC specializes in heavy lift capacity cranes with lift capabilities ranging from 100 to 440 tons and offers specialty attachments that can increase lift capacity up to 660 tons.

The company’s cranes are used primarily in construction activities, including large infrastructure and industrial projects. While utilization of hydraulic cranes has rebounded and been trending upward since 2010, continued under-utilization in the conventional crane fleet negatively impacted the overall fleet’s utilization. The existing capital structure severely constrained cash flow and management’s ability to re-invest in growth through replacement of the rental fleet, particularly the older conventional models.

SSG was retained as ECRC’s exclusive investment banker in December 2015. The process attracted significant interest from the market with Maxim, a portfolio company of Apollo, ultimately submitting the most compelling offer to ECRC and its stakeholders. Subsequent to the sale to Maxim, SSG assisted Essex’s stakeholders in selling the company’s non-core assets to Walter Payton Power Equipment.

Maxim Crane Works is a coast-to-coast supplier of crane rental and lifting services, including engineering, specialized rigging and heavy haul capabilities.

Apollo Global Management is a global alternative investment manager that invests in private equity, credit and real estate, with significant distressed expertise.