Terms of the acquisition included $250,000 in Manitex common stock and a $2.75 million five-year note bearing interest at 6%, for an aggregate purchase price of $3 million. Badger, which was acquired from Avis Industrial, a privately held company, had revenues of approximately $10 million in 2008.
Earlier this year, Badger Equipment announced plans to introduce a new line of rough-terrain cranes, including a 30-ton model, with expected shipments to begin in the second half of 2009. Manitex anticipates the launch to remain on schedule, with initial shipments expected in the current quarter.
