Manitex Acquires Schaeff Forklifts, Crane and Machinery Inc.

October 9, 2008 • Manitex International, Bridgeview, Ill., announces it has acquired the assets of Crane and Machinery Inc. and Schaeff Inc. for $3.7 million. The amount consists of $1 million in stock and assumption of $2.7 million in debt. The companies, which were privately owned by GT distribution, had combined 2007 revenues of $21 million.

Crane and Machinery is an authorized dealer for Terex rough-terrain and truck cranes, Fuch material handlers, and Manitex boom trucks and sign cranes. It also supplies used equipment, replacement parts, and repair and maintenance services. Schaeff designs, manufactures, and sells indoor electric sit-down and standup forklifts.

Andrew Rooke, president and chief operating officer of Manitex International, said the acquisition of Crane and Machinery supports the company's diversification strategy due to its 25 percent revenue derived from international markets. “We expect Crane's distribution network to accelerate our penetration into international markets, which is a key part of our growth strategy,” Rooke said. Crane and Machinery's aftermarket service and parts business accounts for 30 percent of its annual revenues, he added, which will add weight to Manitex's existing replacement parts business.

Additionally, the Schaeff electric forklift is a niche product that Manitex said will complement its material-handling offering. “We expect the acquisition to be accretive to our net income beginning in the current quarter,” Rooke said.