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Amquip makes offer for Maxim
A proposal has been made to acquire US crane rental major Maxim Crane Works, which has been in Chapter 11 bankruptcy protection since 14 June. AmQuip Corporation and Albert Bove, president of Anthony Crane Rental, LP d/b/a (doing business as) Maxim Crane Works, filed a motion on 27 September to allow them to file a competing plan of reorganization.
The Bove and AmQuip plan would be to sell “substantially all” of Maxim Crane Works’ assets to AmQuip. Under the plan the assets will be sold at auction for the highest and best price obtainable. AmQuip will make the stalking horse bid (an initial bid to set the bar and avoid low bids for the company being sold). After confirmation of the Bove/AmQuip plan a hearing on the proposed sale and auction will take place within 30 days. Closing will occur within 11 days of court approval of the sale, it said in a statement from DKW Law Group LLC, acting for AmQuip.
Bove, who has been with Anthony Crane for more than 30 years, made his feelings clear, “If the sale to AmQuip occurs, Maxim Crane will once again be run by crane people, rather than accountants, lawyers and MBAs. I know from the very depths of my heart that this is the only way the company can be saved.” Bove believes “if the company’s plan is confirmed, the company will fail again and will be forced to close the doors and liquidate”, continuing that “this could be just like US Airways, back in bankruptcy within 18 months because we did not have the right plan.” Commenting on the plan, AmQuip founder Joseph Wesley said, “I have been a crane operator since I was 15 years old. Relying on the lessons in discipline and teamwork I received in the Marine Corps, I am certain that Al and I can rebuild Anthony Crane to its former prominence.”
Maxim has topped the IC50 listing of the world’s largest crane owning companies since 1998. With more than 1700 employees the company has a network of 38 crane rental yards and three satellite locations that serve around 8000 customers in 41 states and the US Virgin Islands. AmQuip, at number 11 in the IC50, is a leading crane rental and related services supplier in the northeastern US. It owns and operates a fleet of more than 600 cranes, ranging from 6 US ton industrials to 500 ton wheeled mobiles and crawlers.
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