CIT Group was the Joint Lead Arranger on a $225 million senior secured credit facility for Clearlake Capital Group that was used to acquire AmQuip Crane Rental, a lifting equipment provider, from an investor group including Altpoint Capital Partners.
“We’re pleased to finance Clearlake Capital’s acquisition of AmQuip Crane Rental, a company that has been a customer of CIT for more than seven years,” said Eric Toizer, Managing Director, CIT Sponsor Finance. CIT Corporate Finance served as Joint Lead Arranger and Syndication Agent for the transaction. Financing was provided by CIT Bank, the US commercial bank subsidiary of CIT.
AmQuip is engaged in renting cranes and providing maintenance services, consultation services, and setup and logistics support, to its customers in the energy and industrials sectors. The company owns a fleet of approximately 500 cranes with lifting capacities ranging from six to 716 tons. AmQuip serves 6,600 national, regional and local customers through a network of 13 branch locations serving 36 states. The company was founded in 1967 and is based in Trevose, PA (www.amquip.com).
“As one of the leading crane rental businesses in the United States, AmQuip will serve as an important addition to Clearlake Capital’s growing portfolio,” said Mr. Toizer. “Our deep relationship with AmQuip and industry expertise were critical to completing this transaction. We look forward to growing this new relationship with Clearlake Capital as they continue to expand.”
CIT Corporate Finance provides lending, leasing and other financial and advisory services to the small business and middle market sectors with a focus on specific industries, including: chemicals, commercial real estate, communications, energy, entertainment, gaming, healthcare, industrials, information services & technology, restaurants, retail, and sports & media (www.cit.com/corporatefinance). The corporate finance group is part of CIT, a bank holding company with more than $35 billion in assets. CIT was founded in 1908 and is based in New York (www.cit.com).
“This is a great acquisition for Clearlake. AmQuip’s executive management team and the technical expertise of its service managers and maintenance teams are well regarded in the industry. AmQuip is a leading provider of lifting solutions with strong franchise value that operates in attractive energy, industrial, and other end-markets throughout the U.S. Their fleet is well-maintained, diverse by asset class and capacity and has a leading safety record,” said José Feliciano, Founding Partner at Clearlake Capital. “We were pleased to work with CIT, whose experience and breadth of knowledge of AmQuip helped close this transaction.”
Clearlake invests in special situations such as corporate divestitures, recapitalizations, buyouts, restructurings, turnarounds and minority equity investments. Sectors of interest include business services; communication; consumer products and retail; defense and public safety; energy and power; healthcare; industrials; media; software and technology. Clearlake currently manages approximately $1.4 billion of equity capital. The firm was founded in 2006 and is headquartered in New York (www.clearlakecapital.com).
2014 PEPD • Private Equity’s Leading News Magazine • 11-17-14