08.10.2008

Manitex buys Terex dealer

Manitex International, the boom truck/crane and rough terrain forklift manufacturer has acquired the assets of Crane and Machinery Inc. and Schaeff, Inc, for $3.7 million, made up of $1.0 million in stock and assumption of $2.7 million in debt.

The two companies were previously owned by GT Distribution and had combined revenues of around $21 million in 2007.

Crane and Machinery is a distributor for Terex Cranes Waverly, Fuchs material handlers as well as Manitex boom trucks and cranes. Schaeff manufactures a line of indoor electric sit-down and standup forklifts.

Andrew Rooke, president and chief operating officer of Manitex International said: "The acquisition of Crane and Machinery, which derives approximately 25 percent of its revenues from international markets, supports our diversification strategy and adds scale to our existing replacement parts business. We expect Crane's distribution network to accelerate our penetration into international markets, which is a key part of our growth strategy.”

“Its substantial after-market service and parts business, accounting for 30 percent of its annual revenues, is recurring and derived from its well established reputation for customer service.”

“The Schaeff electric forklift is a niche product that will complement our material handling offering. We expect the acquisition to be accretive to our net income beginning in the current quarter."

Paul Zaremba, general manager, Crane and Machinery, added: "Manitex's leadership position, financial strength and proven commitment to outstanding products and service will enable us to expand our offering to our customers. We are excited with the opportunity this provides for the expansion of the Crane business, becoming part of the Manitex International group and contributing to the establishment of an integrated world-class capital equipment company."