Kirtland Completes Recapitalization of Essex Crane

March 13, 2007
Cleveland, Ohio – Kirtland Capital Partners III L.P. has completed a $50.0 million dividend recapitalization of its portfolio company, Essex Crane Rental Corp. The transaction was structured to facilitate a return of capital to KCP investors.

Since KCP’s acquisition in 2000, this family-owned business has been transformed into a market leader through investments in management and information systems as well as the implementation of efficient business processes developed through a strategic planning process. As a result, management has significantly increased fleet utilization and right-sized the equipment fleet by selling older cranes and investing in new rental assets.

“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.

About Essex Crane Rental
Essex Crane Rental Corp. has grown steadily over 40 years into the world’s largest provider of lattice-boom crawler cranes and attachments. With more than 420 cranes and attachments in its fleet, Essex supplies cranes for construction projects related to power generation, petro-chemical, refineries, water treatment and purification, bridges, highways, hospitals, shipbuilding, and commercial construction.

About Kirtland Capital Partners
Kirtland Capital Partners is a leading, relationship-oriented private equity firm focused on investments in middle-market businesses. Its targets are niche manufacturing, distribution and business-to-business service companies. The firm provides its portfolio companies significant operating, financial and strategic resources to accelerate growth. Kirtland seeks opportunities with mature businesses that are well-positioned competitively and have excellent growth potential. It has $325 million of capital under management.

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