The Company is the largest crane company located in the Midwest and rents and leases 6 ton to 550-ton cranes to construction contractors and petrochemical and industrial companies.
The Company retained Fort Dearborn to review operations, prepare financial forecasts, identify and implement profit improvement initiatives, and secure new financing.
With Fort Dearborn’s assistance, the Company successfully:
–Extended the line-of-credit facility with its former lender;
–Increased the line-of-credit facility with its former lender by $6 million;
–Improved timeliness of financial reporting;
–Improved equipment utilization;
–Prepared due diligence documentation, as required, to extend its line-of-credit facility with its former lender and the new lender; and
–Executed a Revolving Credit Facility with a new lender.
The new financing structure for the Company provided immediate, and much needed, liquidity due to the Company’s continued growth.
Fort Dearborn’s industry expertise in the equipment rental sector, and experience with the credit markets, enabled the transaction to be completed expeditiously and on favorable terms.
Secured a $65 million credit facility for the Company, which provided $3 million of additional availability.
The Company’s improved financing structure provided more than $1 million in annual savings.