Manitex International, a manufacturer of boom truck cranes, rough-terrain forklifts and special mission-oriented vehicles, last week acquired the assets of Crane and Machinery Inc. and Schaeff Inc. for $3.7 million, consisting of $1 million in stock and assumption of $2.7 million in debt.
Crane and Machinery, an authorized dealer for Terex rough-terrain and truck cranes, Fuchs material handlers and Manitex boom trucks and sign cranes; and Schaeff, which manufactures and sells a line of indoor electric sit-down and standup forklifts, were private companies owned by GT Distribution. The two companies had combined revenues of $21 million in 2007. Crane and Machinery also supplies second-hand equipment, replacement crane and equipment parts and repair and maintenance services.
“The acquisition of Crane, which has approximately 25 percent of its revenue derived from international markets, supports our diversification strategy and adds scale to our existing replacement parts business,” said Andrew Rooke, president and CEO of Manitex. “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.”
In other company news, Manitex hired Phil Fridley as its new director of operations. Fridley was formerly the plant manager and North American director of quality, health, safety & environment at global giant GKN Sinter Metals, serving commercial, consumer and automotive industries.
Fridley has nearly 30 years of experience in streamlining management for other leading companies, including Grove Worldwide and AAI Corp.
Hiring a new director of operations is part of Manitex's response to the growing demand of its products in national and international markets. Fridley will head a number of initiatives internally and externally to further expand the reach of Manitex International and its subsidiaries.
Manitex is based in Bridgeview, Ill.
