12.01.2015

Acme completes new financing

US based wholesale rental company Acme Lift has completed on a $109.1 million financing deal.

The financing was structured with an $85 million senior revolving credit facility provided by PNC Bank and Wells Fargo Capital Finance, and a $24.1 million note provided by Morgan Stanley Credit Partners.

The company has said the credit will allow it to refinance outstanding debt, retire preferred stock and subordinated notes and acquire additional equipment to fuel future growth and expansion.

Acme Lift chairman Woody Weld, said: “Acme Lift has a unique and highly effective wholesale business model that does not require it to maintain a staff of sales, maintenance, delivery people and vehicles, and facilities in every local market. The local rental companies typically provide all the equipment inspections, billing, routine maintenance, temporary storage and local delivery so that Acme Lift can maintain a very low cost overhead infrastructure to operate.”