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CIT Arranges $225MM Acquisition Financing of AmQuip Crane Rental

November 18, 2014, 07:05 AM
Filed Under: Rental News

CIT Group announced that it served as Joint Lead Arranger in a $225 million senior secured credit facility for Clearlake Capital Group (Clearlake Capital), a private investment firm, to acquire AmQuip Crane Rental (AmQuip), one of the largest lifting solutions businesses in the United States.

CIT Corporate Finance served as Joint Lead Arranger and Syndication Agent for the transaction. Financing was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT. Terms of the transaction were not disclosed.

“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. “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. 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.”

José E. Feliciano, Founding Partner at Clearlake Capital, said, “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. We were pleased to work with CIT, whose experience and breadth of knowledge of AmQuip helped close this transaction.”

Albert Bove, Chief Executive Officer of AmQuip, said, “We’ve built a strong brand identity and reputation by focusing on specialized, complex lifting solutions in the relatively attractive and growing power, refinery, petrochemical, industrial and infrastructure end-markets. Clearlake Capital is the ideal partner for our company with a strong reputation as a dedicated, supportive sponsor. We’re pleased we could once again call on our long standing relationship with CIT to close this deal.”

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