Baton Rouge, Louisiana based Aerial Access Equipment has disposed of most of its fleet in an auction last week.
The move follows a decision last month to wind the business up following financial difficulties and an excessive debt pile. The was established in 1998 by Gene and Brenda Torrence to rent aerial work platforms forklifts on the gulf coast. It built up a fleet of around 2,000 units, operating from five locations and recorded revenues of more than $33 million in 2017.
It was acquired in June 2004 by a consortium of private equity firms led by Source Capital which took a 75 percent stake. The business was recapitalised in 2007 with a $41.5 million injection from Connecticut based hedge fund Plainfield Asset Management. In 2008 the company acquired Onsite Equipment Maintenance of Baton Rouge, adding Cooks Coastal Rental in Spanish Fort, Alabama in 2012.
In 2015 it was discovered that a financial controller at the company, Melissa St. Pierre had embezzled around $459,000, he was later sentenced to a 20 month prison sentence and fined $7,500.
The auction included around 1,500 cranes, boom lifts, scissor lifts, telehandlers, fork trucks, and other equipment