Benzinga | Aug 16, 2021 05:58PM EDT

Manitowoc Reports Purchase Of Aspen Equipment for ~$51M

The Manitowoc Company, Inc. (NYSE:MTW) (the "Company" or "Manitowoc"), a leading global manufacturer of cranes and lifting solutions, announced today that it has entered into a definitive agreement to acquire substantially all the assets of Aspen Equipment, Co. ("Aspen"), a diversified crane dealer and a leading final-stage, purpose-built work truck upfitter for approximately $51 million. The transaction is expected to close in September 2021 and is subject to customary closing conditions.

The acquisition will expand Manitowoc's direct-to-customer footprint in Iowa, Nebraska, and Minnesota with new sales, used sales, parts, service, and rentals to a variety of end markets. Aspen's field support team brings industry-leading technical competencies and exceptional customer support. In addition, Aspen's specialized crane and truck equipment upfitting capabilities provide greater depth of product offerings to a wider base of customers including loyal Manitowoc customers.

"We are pleased to reach this mutually beneficial agreement with Aspen which will position Manitowoc closer to our end markets in the U.S. and complement our pending acquisition of H&E Equipment's crane business. Aspen is a well-established, proven dealer with great upfitting capabilities which will fit great with Manitowoc's National Crane boom truck product offering. We look forward to welcoming the Aspen team to the Manitowoc family. We expect this acquisition will be accretive to adjusted EBITDA in year one," commented Aaron H. Ravenscroft, President and Chief Executive Officer of The Manitowoc Company, Inc.

"Over the years, Aspen Equipment has developed numerous innovative lifting and final-configuration truck solutions for a variety of end customers. This customer-centric approach will provide Manitowoc a solid platform for growth," concluded Mr. Ravenscroft.