Manitex International, a leading international provider of truck and knuckle boom cranes, announced an investment by Tadano of approximately $32.7 million in Manitex through the purchase of 2,918,542 shares of the company’s common stock. The shares were purchased at $11.19 per share, which is the volume weighted average price of Manitex’s common stock over the last 30 trading days leading up to the announcement May 25.
Upon closing the transaction, Tadano will own 14.9 percent of Manitex’s outstanding shares of common stick. In connection with the transaction, Tadano has a right to designate one member to the company’s board of directors. Ingo Schiller, president and CEO of Tadano America Corp., will be the initial member of the board designated by Tadano.
“We are pleased to have Tadano as an investor in our company,” said David Langevin, Manitex CEO. “With over $1.7 billion in global annual sales, it is one of the premier crane companies in the world, with products and distribution channels that are complementary to ours. Tadano is a global leader in all-terrain and rough-terrain cranes and aerial work platforms. We see multiple opportunities to benefit from this strategic partnership and to take advantage of the currently favorable industrial environment.”
“We are pleased to announce our investment in Manitex,” added Koichi Tadano, president and CEO of Tadano. “We are hopeful that our strategic alliance with Manitex will assist in our mutual, future growth and profitability. Manitex is a recognized market leader in boom truck cranes, with its exceptionally strong brand and North American distribution, as well as its worldwide presence in the knuckle boom market. It is our hope that our investment will help the company’s continued progress both in North America and internationally.”
Manitex, based in Bridgeview, Ill., includes the Manitex, PM, O&S, Badger, Sabre and Valla brands. Tadano is headquartered in Takamatsu, Japan, and is a leading global provider of all-terrain and rough-terrain cranes.
The transaction is expected to close around May 30.