BRIDGEVIEW, Ill--Manitex International Inc., a provider of engineered lifting solutions, including boom truck cranes, rough-terrain lift trucks, and special, mission-specific vehicles, acquired the assets of Crane and Machinery Inc. and Schaeff Inc. for $3.7 million, consisting of $1.0 million in stock and the assumption of $2.7 million in debt. Crane and Schaeff, formerly private companies owned by GT Distribution, had combined 2007 revenues of $21 million.
Crane is an authorized dealer for Terex rough terrain and truck cranes, Fuchs material handlers, as well as Manitex boom trucks and sign cranes, and is also a supplier of second-hand equipment, replacement crane and equipment parts, and repair and maintenance services. Schaeff designs, manufactures, and sells a line of indoor electric lift trucks.
Andrew Rooke, president and COO of Manitex, says, "The acquisition of Crane, which has approximately 25% of its revenue derived from international markets, supports our diversification strategy and adds scale to our existing replacement parts business. Its substantial after-market service and parts business, which accounts for 30% of its annual revenues, is recurring and is derived from its well established reputation for customer service.
“The Schaeff electric forklift is a niche product that will complement our material handling offering,” Rooke adds. “We expect the acquisitions to be accretive to our net income, beginning in the current quarter."