The Manitowoc Company Inc., a global manufacturer of cranes and lifting solutions, announced that it has entered into a definitive agreement to acquire substantially all the assets of Aspen Equipment, Co., a diversified crane dealer and a 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 technical competencies and 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, the company said.
"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," said 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 Ravenscroft.
