2 Min Read
(Reuters) - Buyout firm Apollo Global Management LLC (APO.N) is in advanced talks to acquire Maxim Crane Works LP, one of the largest U.S. providers of lifting equipment, for more than $1 billion including debt, according to people familiar with the matter.
Apollo has so far submitted the highest offer in an auction for Maxim Crane, though it is still in the process of finalizing terms with the company's owner, Platinum Equity LLC, the people said on Thursday.
Apollo is also trying to secure financing for the deal, and is also exploring buying a smaller lifting services company to combine it with Maxim, the people added, cautioning that no deal is certain.
The sources asked not to be identified because the negotiations are confidential. Apollo and Platinum Equity declined to comment, while Maxim Crane did not respond to a request for comment.
Headquartered in Bridgeville, Pennsylvania, Maxim rents out mobile cranes and other heavy equipment, primarily to energy-related and non-residential building construction industries. It offers over 1,300 cranes, one of the largest fleets in the industry.
Platinum Equity took Maxim private in 2008 for approximately $600 million.
Reporting by Greg Roumeliotis in New York; Editing by Cynthia Osterman