Milwaukee-based Super Steel LLC
has acquired Knox, Indiana-based Manitex Sabre, Inc.
, a division of Bridgeview, Illinois-based Manitex International, Inc.
, the companies announced today.
The acquisition is expected to bring about 50 jobs to Super Steel’s Milwaukee facility, located on the city's far northwest side at 7900 W. Tower Ave., the company said. Super Steel currently has 150 employees at its Milwaukee facility, so the addition of 50 would result in an employment increase there of 33%.
The deal is worth $4.4 million, including $1.5 million in cash paid to Manitex upon closing of the deal (which occurred on Aug. 21), plus royalties based on future Sabre revenues, which potentially could yield an additional $2.9 million for Manitex, the company said in its announcement about the deal.
Manitex Sabre is a manufacturer of specialty tanks for the energy, environmental, industrial and waste water markets.
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“We are looking forward to leveraging our manufacturing capabilities to include our first foray into branded products of our own, having been a trusted contract manufacturer to so many global original equipment manufacturers (OEM’s),” said Jason Gaare, president of Super Steel. “The Sabre product line is very much aligned with our domain expertise and we would anticipate being able to offer an exceptional manufacturing, service, and delivery platform to Sabre’s current and future customers.”
Super Steel, LLC provides engineering, prototyping, fabricating, machining, painting, and assembly services to OEMs.
“We are pleased to announce a transaction with Super Steel for Manitex Sabre as part of our effort to maintain our focus on crane businesses and strengthen our financial position for future growth,” “Steve Filipov, chief executive officer of Manitex said. “We believe it is a great fit for Super Steel and their growth objectives, and we look forward to helping them make an efficient and smooth transition to their manufacturing platform and stewardship.”