Schaften Cranes
Raising acquisition financing to acquire full ownership of the company
- In December 2023, Avaxa was engaged by Schaften Cranes, a player in the ‘bare’ rental of heavy lifting cranes and modular transporters.
- Bare rental means that customers are responsible for the operation of the crane, maintenance, insurance, consumables like fuel & oil and other operating costs. This allows Schaften to operate a lean & mean business model.
- Schaften’s customers are mainly worldwide active full-service crane operators, who provide the cranes mostly for projects in the renewable energy sector (construction of windmills, both onshore and offshore).
- Schaften generated > EUR 50 mln revenue in 2023, which is mostly earned through crane rental and to a lesser extent through the sale of cranes. Its cranes are financed by a variety of leasing providers.
- The debt quantum required in relation to the (pre-existing) leverage level, meant that Avaxa needed to combine several sources of funding in order to arrange sufficient financing. Both senior lenders (most notably Dutch banks) and junior lenders were approached, as well as the existing lease providers in order to create additional liquidity on the back of the significant (excess) value of Schaften’s fleet.
- Avaxa prepared an information package including bank presentation, financial base case model and Request for Proposal. Avaxa also supported Schaften in preparing management meetings with prospective lenders.
- Avaxa supported the company in negotiating the documentation with Rabobank and ALF, with the financing package consisting of a TLA, TLB and RCF to accommodate the company’s working capital needs. Part of the financing package included an additional lease financing on existing assets.
- The transaction closed in July 2024.
