Manitowoc has entered into an agreement to acquire the crane business of USA-based equipment rental company H&E Equipment Services.
Manitowoc will pay approximately USD130 million to acquire the business. The transaction, which is subject to regulatory approvals, is expected to close in the fourth quarter of 2021.
Manitowoc said the acquisition will expand its ability to provide rentals, new sales, used sales, aftermarket parts plus additional services to a variety of end market customers. H&E’s crane business operates across 11 full-service branch locations.
Aaron H. Ravan, president and ceo of Manitowoc, said: “Over the past few quarters, we have communicated that our intent is to grow through four strategic priorities, one of which is acquisitions focused on aftermarket. The purchase of H&E’s crane business is the next step in our journey to grow the less cyclical part of our business.”