Essex Rental Corp. to Acquire Coast Crane Company for $80M
Essex Rental Corp. (Nasdaq: ESSX) today announced that it was recognized as the successful bidder to acquire, out of bankruptcy, the assets of privately held Coast Crane Company. Coast, which was founded in 1970 and is based in Seattle, Washington, is a leading provider of crane rental services and specialty lifting solutions on the West Coast.
As previously announced by Essex, Coast filed a voluntary petition for relief under the United States Bankruptcy Code in the U.S. Bankruptcy Court for the Western District of Washington on September 22, 2010 and placed its assets for sale pursuant to Section 363 of the United States Bankruptcy Code.
Essex will pay approximately $80 million for Coast's assets, approximately $48 million of which will be financed by a new, fully-committed credit facility for the acquired business, and assume certain of Coast's liabilities
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