Tadano acquires Manitex International for $223 million in all-cash

Manitex International, an international manufacturer of specialized industrial equipment such as truck cranes, loader cranes and aerial work platforms, announced on September 12 that it has partnered with Japanese crane manufacturer Tadano Ltd. Reached a definitive agreement to be acquired.

The acquisition is an all-cash transaction with an equity value of $123 million and, including outstanding debt, a total transaction value of $223 million. Tadano had previously acquired a 14.9% stake in Manitex International for $32.6 million in May 2018.

Manitex International designs and manufactures its products in North America and Europe and distributes them through independent distributors worldwide. Brands include Manitex, PM, Oil & Steel, Valla and Rabern Rentals.

Michael Coffey, CEO of Manitex, said: "Tadano's acquisition will help reduce cyclical risk while providing the company with scale and a broader international perspective." "We will benefit from technology, production synergies and working capital that will enable the company to better achieve its goals." Together with Tadano, we are strategically well positioned to create a leading provider of lifting equipment solutions for the construction, infrastructure and industrial markets."

After the deal closes, Manitex shares will no longer be traded on Nasdaq or any other public market.

The transaction has been unanimously approved by Manitex's Board of Directors, which recommends that Manitex shareholders vote in favor of the transaction. The transaction is expected to close early in the first quarter of 2025, subject to Manitex shareholder approval, regulatory approvals and other customary closing conditions.