Veri-Tek Completes Liftking Acquisition

Wixom, Mich.-based Veri-Tek International Corp. last week announced that it completed its previously announced acquisition of Liftking Industries, headquartered in Woodridge, Ontario. Liftking manufactures a complete line of rough-terrain forklifts and special mission oriented vehicles, as well as other specialized carriers, heavy material handling transporters and steel mill equipment.

Liftking’s assets were purchased by a wholly owned Canadian subsidiary of Veri-Tek — Manitex Liftking. The purchase price of CA $8 million (about U.S. $7 million) is subject to working capital adjustments and was paid in a combination of stock and cash. In addition, VCC Canada assumed certain trade payables and other liabilities of approximately CA $2.8 million (about U.S. $2.4 million). For the trailing 12 months ended July 30, 2006, Liftking generated revenue of approximately CA $20.5 million (about U.S. $17.9 million).

Veri-Tek initiated its boom truck and lift platform earlier this year with the acquisition of Manitex Inc., a provider of engineered lift solutions in North America. Manitex, based in Georgetown, Texas, designs, manufactures and markets a comprehensive line of boom trucks and sign cranes.

“We are very excited about the addition of Liftking to the Veri-Tek organization,” said David Langevin, chairman and CEO of Veri-Tek. “We believe that the integration of the Liftking organization will result in procurement efficiencies that provide reduced component costs and other synergies, which will have an immediate impact on the profitability to the Veri-Tek group of companies.”

The VSTH Group LLC acted as exclusive financial advisor to Liftking. Headquartered in Charlotte, N.C., VSTH is a privately held merchant bank providing investment banking services and private equity investment backed by its own capital.

Hide comments


  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.