Aerial Access Equipment

Aerial Access Equipment, based in Baton Rouge, is a leading specialty aerial equipment rental company with a fleet of over 900 aerial rental units, operating four locations along the Gulf Coast from Houston to Mobile and serving a diverse and regionally unique mix of industrial, commercial and offshore fabrication customers.

Engagement Goals

Brookwood Associates advised the Company and its private equity partners, including Source Capital, on its strategic and liquidity alternatives related to a sale or debt recapitalization transaction.

Engagement Process and Outcomes

Balancing Needs – As a rapidly growing company, Aerial had significant ongoing capital needs related to its continuing fleet buildup.  Balancing this need with the shareholders’ desire for liquidity was a challenge and required creative thinking to craft a structure that would accommodate both objectives. 

Overcoming Challenges – Brookwood had to overcome multiple investor concerns, including industry cyclicality, competition from national chains and assumed high capital expenditure requirements.  Brookwood demonstrated that Aerial’s disciplined product focus, differentiated business model, and long-standing industrial customer relationships provided the Company with a growing and defensible market position and strong free cash flow characteristics.

Excellent Result - The thorough marketing process generated interest at all levels of the capital structure, allowing Source Capital and management to compare various financing and liquidity options.  Ultimately, this interest allowed Aerial to close a financing which provided: (i) substantial liquidity; (ii) substantial retained ownership; and (iii) a robust capital expenditure facility to support future growth.