Manitowoc has entered into an agreement to acquire all the assets of USA-based crane dealer and truck upfitter Aspen Equipment.
The transaction, which is worth approximately USD51 million, is expected to close in September 2021 subject to customary closing conditions.
Manitowoc explained that the acquisition will expand its direct-to-customer footprint in Iowa, Nebraska, and Minnesota, providing new sales, used sales, parts, service, and rentals.
In addition, Aspen’s field support team brings industry-leading technical competencies and exceptional customer support, Manitowoc said. Aspen’s specialised crane and truck equipment upfitting capabilities will provide a greater depth of product offerings to a wider base of customers, including existing Manitowoc customers.
Aaron H. Ravenscroft, president and chief executive officer at Manitowoc, said: “We are pleased to reach this mutually beneficial agreement with Aspen which will position Manitowoc closer to our end markets in the USA and complement our pending acquisition of H&E Equipment’s crane business.”
The deal with H&E Equipment is expected to close in the fourth quarter of 2021, as HLPFI reported here.