Acme Lift refinances to expand business

Major US wholesale rental company Acme Lift has completed a $77.2 million recapitalisation which will allow the company to enlarge its fleet and accelerate growth. The company will expand its fleet of articulated and telescopic boom lifts and large capacity telehandlers.

Woody Weld, Acme Lift's chairman and chief executive officer said, "We are pleased with the completion of this important recapitalisation. Our solid capital base will support improved product offerings and capabilities for our customers our growth and continued expansion into and penetration of geographic markets."

Following a decade of growth Acme Lift has faced the challenges posed by the economic downturn. With limited resources to support the rental industry's anticipated upturn Acme sought help from LDA (Lampert Debt Advisers) based in New York.

Acme now has negotiated debt restructurings with its existing lenders and recapitalised the company with a new $50 million senior asset-based credit facility, an $8.7 million non-amortising second lien loan, $3.5 million in subordinated notes and $15 million in preferred equity to provide an expanded capital base to support future growth.

Randy Lampert, founder and president of LDA said, "We believe financial strength and access to capital will be a key competitive strength for Acme Lift. This set of transactions is designed to position Acme Lift at the forefront of the re-rental industry."

Acme Lift has been renting out late-model aerial equipment for 14 years across the US and Canada, Mr Weld said, "It is a testimony to the Acme Lift team to have continued to provide exceptional equipment and customer service during the recent economic downturn."