G.C. Andersen Partners, a New York-based investment bank, announced the closing of a $109.1 million financing for Acme Lift Co., the world's largest wholesale rental company.
The financing was structured with an $85 million Senior Revolving Credit Facility provided by PNC Bank, N.A. and Wells Fargo Capital Finance, part of Wells Fargo & Company Bank, and a $24.1 million note provided by Morgan Stanley Credit Partners II L.P. G.C. Andersen Partners acted as exclusive financial advisor and placement agent to Acme Lift.
Acme Lift, based in Mesa, Arizona, is the leading re-renter of the latest, largest aerial work platforms and telehandlers.
"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.
