Crane manufacturer The Manitowoc Co. has agreed to acquire 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, 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 provides technical competencies and customer support, and its specialized crane and truck equipment upfitting capabilities provide 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,” said Aaron Ravenscroft, president and CEO of The Manitowoc Co. “Aspen is a well-established, proven dealer with great upfitting capabilities which will fit great with Manitowoc’s National Crane boom truck 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. 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.”
Manitowoc recently agreed to acquire H&E Equipment Services’ crane business, signaling more of a direct-to-end user approach including rental, sales and service.
Aspen Equipment, which has locations in Bloomington, Min.; Omaha, Neb.; Davenport and Des Moines, Iowa, sells and rents Grove mobile and Manitowoc crawler cranes, Elliot and National Crane boom trucks, loader cranes and mechanics trucks, Bronto Skylift truck-mounted boom trucks and a variety of air compressors.
