Manitex Completes Valla Acquisition

December 6, 2013 - Manitex International Inc. announced that it has completed the previously announced acquisition of Valla SpA of Piacenza, Italy. The acquisition closed on November 30, 2013, for a total potential consideration of up to $1.2 million, principally based on an earn-out provision. Valla is expected to be accretive to Manitex International's earnings in 2014. Valla reported 2012 annual revenues of approximately $7.5 million and EBITDA of $0.7 million.

 

Valla GM Mario Riva commented, "Valla's mobile industrial cranes have an outstanding reputation for quality and a long history of providing highly specialized and customized products for our customers, and we believe that Manitex International brings a strong distribution network and valued resources to the table that will significantly enhance Valla's market position. We look forward to joining the Manitex International group." 

 

Andrew Rooke, president and chief operating officer of Manitex International, said: "Valla has a well-established brand name in mobile, industrial cranes, and we are excited to add another outstanding product line to broaden our crane portfolio. This transaction is another example of our commitment to growing our business in a prudent and measured fashion for our shareholders and provides us with additional presence overseas. It also increases our product offering worldwide which we believe will contribute nicely to our future growth as the global economies show more concrete signs of recovery."