Pursuant to the stock purchase agreement, Maxim will acquire all of the
issued and outstanding shares of Coast's parent company,
Following the closing, Maxim will begin integrating Coast with its existing operating business. Customers will continue to receive the same high quality service they have come to expect. Through Maxim's coast-to-coast footprint, engineering, operated rentals and heavy haul services, the Coast team and customers will gain access to one of the largest modern fleets of full service lifting solutions in the world.
Stifel is serving as the exclusive financial advisor to Coast for the
In conjunction with entering into the stock purchase agreement, Coast
entered into a Fifth Amendment to its Second Amended and Restated Credit
Agreement with Wells Fargo, National Association, as Agent, for the
lenders thereunder. The Amendment extends the maturity date of the Coast
credit facility to
The stock purchase agreement provides for a "go-shop" period during which the Board of Directors of Essex may evaluate alternative proposals.
About Coast Crane
Founded in 1970, Coast serves more than 2,000 customers through a
network of 11 branches in
About Maxim Crane Works
Founded in 1937, Maxim is one of the largest lifting solutions
Additional Information and Where to Find It
Essex intends to mail a proxy statement and related materials to stockholders in advance of the special meeting to approve the sale of Coast. Stockholders are encouraged to carefully read the proxy statement and related materials in their entirety, as such materials will contain important information relating to the sale and related matters.
Forward Looking Information Disclaimer
Some of the statements in this press release constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include statements regarding the parties' intent and belief or current expectations and may be identified by the use of words like "anticipate", "believe", "estimate", "expect", "intend", "may", "plan", "will", "should", "seek", the negative of these terms or other comparable terminology. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements. Important factors that could cause actual results to differ materially from expectations include, without limitation, the ability of the parties to satisfy the conditions set forth in the stock purchase agreement and otherwise consummate the sale transaction, as well as matters beyond the parties' control. Forward-looking statements are not guarantees of future performance, results or events.
Chief Financial Officer
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