Crane Leasing Company

Company Overview

Crane Leasing Company - The Company is the largest crane company in the region and rents / leases 6 ton to 550 ton cranes to construction contractors, petrochemical and other industrial companies.

Engagement Overview

The Company retained Fort Dearborn to review operations, prepare 2010 and 2011 financial forecasts, identify and implement profit improvement initiatives, and secure new financing.

With Fort Dearborn’s assistance, the Company successfully:

  •   Extended line-of-credit facility with its former lender
  •   Increased 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
  •   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.  Additionally, the structure provides annual interest savings in excess of $1 million.

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. 

Results
•  Secured a $65 million credit facility for the Company which provided $3 million of additional availability

•  Improved financing structure provides more than $1 million in annual savings to