The Manitowoc Company
will acquire Minnesota-based Aspen Equipment, Co.
in a $51 million deal, the Milwaukee-based crane manufacturer and lifting solutions company announced today.
Aspen Equipment Co. is a diversified crane dealer and a final-stage, purpose-built work truck upfitter that serves a variety of industries including mining, construction, railroad, utility, tree care and landscaping and more.
The transaction is expected to close next month subject to customary closing conditions, according to The Manitowoc Company.
Manitowoc says the deal will expand its direct-to-consumer footprint in Minnesota, Nebraska and Iowa with new sales, used sales, parts, services and rentals for various end markets. The acquisition also positions Manitowoc closer to its end markets in the U.S., according to the company.
“Over the years, Aspen Equipment has developed numerous innovative lifting and final-configuration truck solutions for a variety of end customers,” Manitowoc president and CEO Aaron Ravenscroft said in a statement. “This customer-centric approach will provide Manitowoc a solid platform for growth.”
Manitowoc also recently agreed to acquire Louisiana-based H&E Equipment Services, Inc.’s
crane business in a $130 million cash deal – the transaction is expected to close in the fourth quarter of 2021 subject to regulatory approval and customary closing conditions, according to H&E Equipment Services.
Manitowoc, through its wholly-owned subsidiaries, designs, manufactures, markets and supports several product lines of mobile telescopic cranes, lattice-boom crawler cranes, boom trucks, tower cranes and industrial cranes under the Grove, Manitowoc, National Crane, Potain and Shuttlelift brand names.