Daily News: September 7, 2012

GE Capital Provides $75MM Asset-Based Facility to Acme Lift

GE Capital, Corporate Finance announced it is administrative agent on a $75 million asset-based credit facility for Acme Lift Company, a wholesale rental company for aerial work platform equipment. The loan will be used to refinance existing debt and support future growth. GE Capital Markets served as sole bookrunner.

Based in Arizona and founded in 1997 by Woody Weld, Acme Lift provides equipment to more than 900 rental companies in the United States and Canada, that in turn rent equipment to commercial, industrial and specialty construction firms. Acme is one of the world’s largest strictly wholesale rental companies, with an extensive fleet of boom lifts, telehandlers and truck-mounted cranes.

“GE Capital brought extensive industry knowledge and creative structuring concepts to the deal,” said Steve Nadelman, president and chief operating officer of Acme Lift. “Their deep understanding of our business model enabled them to deliver a financing solution that will help build our business.”

“We’re committed to providing capital and market insight to our customers,” said Bob McCarrick, chief commercial officer, lending for GE Capital, Corporate Finance. “Leveraging GE’s insight and industry experience in the rental equipment marketplace allowed us to develop tailored financing options that support the growth of mid-size businesses.”