Manitex International, manufacturer of boom truck and rough-terrain cranes, rough-terrain forklifts, special mission-oriented vehicles, container-handling equipment and specialized engineered trailers, has completed its previously announced acquisition of Sabre Manufacturing, a Knox, Ind.-based manufacturer of specialized tanks for liquid storage and containment solutions for petrochemical and waste management and oil and gas drilling. The $14 million purchase is comprised of $13 million in cash, provided from the company’s bank credit line with Comerica, and $1 million in Manitex common stock.
The acquisition closed Aug. 19. On a trailing 12-month basis to March 31, Sabre had revenues of about $39.1 million.
“Building our company through both innovative product development and opportunistic acquisition remains our priority and we are excited to add this niche product line to our own,” said David Langevin, chairman and CEO of Manitex International. “In addition to maintaining its current momentum, we see opportunities to enhance Sabre’s growth through introducing it into our larger dealership network and providing the resources of a larger company to the sales and marketing of its products.
“A leading manufacturer with a reputation for high quality and innovation, and serving a market of over $1 billion, annually, Sabre is a good fit to our specialized product portfolio.”
Manitex International is based in Bridgeview, Ill.