31.12.2015

Manitex sells Load King

Manitex has sold its Load King trailer division to Utility One Source, a supplier of equipment and services to the utility and forestry industries for $6.5 million in cash.

The deal, which closed on Monday, should generate net proceeds to Manitex of around $6.2 million which the company will use to pay down bank debt. Load King revenues for 2015 were around $18.5 million, with an EBITDA of $800,000. The deal will generate an after tax loss of around a $1 million.
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Manitex sells Load King Manitex has sold its Load King trailer division to Utility One Source, a supplier of equipment and services to the utility and forestry industries for .5 million in cash. The deal, which closed on Monday, should generate net proc

Manitex chairman David Langevin said: “The divestiture of Load King is one of several actions we are taking to reduce the company’s indebtedness and focus on our higher margin core lifting businesses, which remain our top corporate priorities heading into 2016".

"Load King is a solid strategic fit with Utility One Source and this transaction should be of substantial benefit to both parties. We are deeply appreciative of the efforts of the entire Load King team and are confident that Utility One Source will be an excellent owner and operator of this business.”