The Manitowoc Company Inc. announced that it has completed the sale of Manitowoc Boom Trucks Inc. to Quantum Heavy Equipment LLC, a Delaware limited liability company, for cash. The sale was required by the Department of Justice in order for Manitowoc to acquire Grove Worldwide. The final sales price was not disclosed.
As part of the transaction, all of Manitowoc Boom Trucks’ assets and liabilities were transferred to Quantum Heavy Equipment, which, as required under the consent decree with the Department of Justice, has the right to use the "Manitowoc Boom Trucks" brand name for up to three years after the closing.
"While we are disappointed to sell this business, with the completion of this transaction all matters relating to the Grove acquisition are now complete," said Terry D. Growcock, Manitowoc’s chairman and chief executive officer.
Quantum Heavy Equipment is a subsidiary of Quantum Value Partners LP. Quantum Value Partners acquires equity interests in small- and middle-market North American companies operating in the manufacturing, distribution, and service industries, with the goal of achieving long-term capital growth. In addition to acquiring Manitowoc Boom Trucks, Quantum Heavy Equipment was organized to create a strategic platform for additional acquisitions and future growth in the equipment marketplace.
The Manitowoc Company previously announced its intent to sell its boom- truck business on July 29, 2002, in response to an agreement reached with the Department of Justice concerning the Grove acquisition. Salomon Smith Barney advised Manitowoc on the transaction.
