Aerial Access Equipment was one of the largest independent construction rental equipment company in the southeastern United States with over 2000 rental units. Tiger worked closely with the Bank’s workout group to wind-down the company and to marshal over 1200 assets from multiple states and over 200 customer locations. AAE’s equipment included articulated and telescopic boom lifts, telehandlers, scissor lifts, rough-terrain forklifts, cranes, excavators, skid steers, welders, light towers, utility vehicles and support equipment from brands including JLG, Genie, SkyTrak, Skyjack, Snorkel, John Deere, Ford, and Kawasaki.
Tiger began the sales process of AAE by making sure all options had been explored with respect to finding a potential turnkey and going concern buyers in order to give the lenders peace of mind. After significant efforts, no going concern buyer emerged, and the team moved forward with an orderly sales process for the machinery, followed by three auction events. Tiger sold 30% of the assets on an orderly basis achieving higher recoveries than what could be realized at auction. Orderly sales were completed in parallel with the auction set up and marketing. The team marketed directly to the construction industry as well as equipment dealers with a focus on targeted telephone outreach to prospective qualified buyers. Over 360 buyers from 3 countries and 33 states participated in the orderly sales and auction events.