Kirtland Capital Partners has completed its sale of Essex Crane Rental Corp. to Hyde Park Acquisition Corp. for $210 million. Essexlattice-boom crawler cranes and attachments, and was acquired by Kirtland in May 2000. Hyde Park is a blank check acquisition company that has changed its name to Essex Crane Rental Corp., and will trade on the Nasdaq.
Middle-market private equity firm Kirtland Capital Partners announced today that it has completed the sale of its portfolio company, Essex Crane Rental Corp. (Essex), to Hyde Park Acquisition Company for $210 million. Hyde Park has changed its name to Essex Crane Rental Corp. and will trade on the NASDAQ capital markets.
Kirtland entered into an agreement to sell Essex to Hyde Park in March 2008. Completion of the transaction was subject stockholder and regulatory approvals. Kirtland had acquired Essex in May of 2000.
Essex is a leading provider of lattice-boom crawler cranes and attachment rental services and possesses one of the largest fleets of such equipment in the United States. Essex supplies cranes for construction projects related to power generation, petro-chemical, refineries, water treatment and purification, bridges, highways, hospitals, shipbuilding and commercial construction.
“We are very pleased with the financial outcome of our investment in Essex, from the recapitalization in February 2007, to the final sale today,” said Mike DeGrandis, Kirtland managing partner and CFO. “Our partnership with the dedicated management team of Essex, combined with the financial, operational and strategic support of Kirtland Capital’s team, provided a strong foundation for building a very successful business. The efforts of Essex management and Kirtland Capital have provided shareholders with significant returns on their investment.”
“Our affiliation with Kirtland Capital has been an important part of our success over the past eight years,” said Ron Schad, president and CEO of Essex. “Their support of our management team and understanding of our business and industry, along with their expertise in the areas of finance and operations, served a vital role in the growth of our company. We are proud to have been associated with this fine firm and look forward to continuing the relationships we formed during their ownership.”
About Kirtland Capital Partners
Kirtland Capital Partners is a relationship-oriented private equity firm focused on accelerating the growth of middle-market companies by leveraging its internal operating, financial and strategic resources. For more than 30 years, Kirtland has executed a disciplined investment strategy that has created long-term value in its portfolio companies and delivered superior returns to its investors and management teams.
Kirtland invests in niche manufacturing, distribution and business service companies with potential for growth organically and/or through strategic acquisition. The firm has $293 million of capital under management from institutional and individual investors. Kirtland is known for the strong partnerships it builds with its operating management teams and the experience of its professionals. More information is available at www.kirtlandcapital.com .