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Manitex TC650 series truck mounted crane

Japanese crane maker Tadano Ltd will acquire Manitex International, an international manufacturer of truck cranes, loader cranes and specialized industrial equipment.

The deal announced 12 September is an all-cash transaction at an equity value of US$123 million and with a total transaction value of $223 million, including outstanding debt. Manitex will become a wholly owned subsidiary of Tadano.

In May 2018 Tadano in Manitex International for US32.6 million. At the time it said this investment was part of Tadano’s long-term goal of becoming the world’s number one lifting equipment manufacturer.

On this latest development David Langevin, executive chairman of the Manitex Board, commented, “We are pleased to have reached this agreement with Tadano, which we believe will deliver immediate and certain cash value to Manitex shareholders at a significant premium to the most recent share price.”

Product diversification

Tadano’s 200,000 square metre Shido factory in Japan producing RT and AT cranes

Commenting on the deal Toshiaki Ujiie, Tadano president and CEO, said, “For us as a company, the acquisition of Manitex will help us to further diversify our product portfolio while remaining 100 per cent committed to the lifting equipment industry. It will lead the future growth that will help us to expand our global truck loader crane and aerial work platforms business.

“For our customers this acquisition means that we will offer them a broader product portfolio to even better serve their lifting needs. With the combined strength we can support our customers in new areas, further innovate and ultimately bring more solutions for our customers and the industry.”

Manitex CEO Michael Coffey said the “expanded partnership with Tadano represents a new and exciting chapter for our employees and our customers.”

“The acquisition by Tadano will help mitigate cyclical risk, while providing the company with scale and broader international scope,” Coffey continued. “We will benefit from access to technology, production synergies and working capital, enabling the company to better achieve its objectives. Together with Tadano, we are strategically positioned to build a leading provider of lifting equipment solutions to the construction, infrastructure, and industrial markets.”

Under the terms of the transaction, Manitex shareholders will receive $5.80 per share in cash, which represents a premium of approximately 52.2 per cent over the company’s closing share price of $3.81 on September 11, 2024, the last full trading day before announcement of the transaction, and a premium of approximately 47.9 per cent to the 30-day volume weighted average price of Manitex’s shares through September 11, 2024. On completion of the transaction, Manitex’s shares will no longer trade on NASDAQ or any other public market, Tadano said.

Michael Coffey, CEO, Manitex International

Board approval

The transaction was unanimously approved by Manitex’s Board of Directors, which recommended Manitex shareholders vote in favor of the transaction. The transaction is expected to close early in the first quarter of 2025, subject to approval by Manitex shareholders, receipt of regulatory approvals and other customary closing conditions.

Brown Gibbons Lang & Company is serving as exclusive financial advisor to Manitex, and Bryan Cave Leighton Paisner LLP is serving as legal counsel to Manitex. Perella Weinberg Partners is serving as exclusive financial advisor to Tadano, and Sullivan & Cromwell LLP is serving as legal counsel to Tadano.

Manitex International engineers and manufactures its products in North America and Europe, distributing through independent dealers worldwide. Brands include Manitex, PM, Oil & Steel, Valla, and Rabern Rentals.

Since Tadano developed Japan’s first hydraulic truck crane in 1955, the company has grown globally, “while constantly striving to implement its corporate philosophy of “creation, contribution and co-operation. The Tadano Group delivers its Core Values – Safety, Quality, and Efficiency Based on Compliance (C+SQE) – in each and every one of its products and services.”