12.09.2024

Tadano to Acquire Manitex

Tadano is to acquire Manitex International in an all cash deal for $223 million including around £85 million net debt. Tadano already owns a 14.5 percent stake in the business, which it purchased in 2018. The purchase price represents a premium of 52.2 percent over Manitex’s share price of $3.81 on September 11th. Tadano will fund the transaction from its cash reserves and external debt financing.

Manitex International includes Manitex boom trucks/truck cranes, PM loader cranes, Oil & Steel aerial work platforms and Valla pick & carry cranes. Manitex International annual revenues are around $300 million.

Manitex chairman David Langevin said: “We are pleased to have reached this agreement with Tadano, which we believe will deliver immediate and certain cash value to Manitex shareholders at a significant premium to the most recent share price, the board’s decision follows careful evaluation of the transaction and a comprehensive strategic review process that began in late 2023.”

Chief executive Michael Coffey added: “Our expanded partnership with Tadano represents a new and exciting chapter for our employees and our customers. The acquisition by Tadano will help mitigate cyclical risk, while providing the company with scale and broader international scope. We will benefit from access to technology, production synergies and working capital, enabling the company to better achieve its objectives. Together with Tadano, we are strategically positioned to build a leading provider of lifting equipment solutions to the construction, infrastructure, and industrial markets.”

Tadano Chief executive Toshiaki Ujiie said: “For us as a company, the acquisition of Manitex will help us to further diversify our product portfolio while remaining 100 percent committed to the lifting equipment industry. It will lead the future growth that will help us to expand our global truck loader crane and aerial work platforms.”

“For our customers this acquisition means that we will offer them a broader product portfolio to even better serve their lifting needs. With the combined strength we can support our customers in new areas, further innovate and ultimately bring more solutions for our customers and the industry.”

The transaction is expected to close early in the first quarter of next year, and is subject to approval by Manitex shareholders.

See: Tadano acquired a 14.5 percent stake in 2018 since when it has had a seat on the Manitex board.

Tadano is expected to make a formal announcement to the Tokyo Stock Exchange tomorrow.