Essex announces recapitalization
20 March 2008
Kirtland Capital Partners III LP has completed a $50 million dividend recapitalization of its portfolio company, Essex Crane Rental Corp. in the US. The transaction was structured to facilitate a return of capital to KCP investors.
“The dividend recapitalization distribution provided an opportunity to return significant capital to the KCP limited partners and for KCP to continue to maintain ownership in a growing business. The recapitalization also enabled KCP to reward management for its hard work and dedication in transforming Essex into a market leader,” said Michael DeGrandis, Kirtland managing partner and CFO.