Manitex to Acquire Italy’s PM Group

July 21, 2014 - Manitex International, Inc., Bridgeview, Ill., has reached an agreement to acquire knuckleboom crane manufacturer PM Group S.p.A., based in Modena, Italy, subject to pending Italian court approval of a debt restructuring plan. Closing is expected to take place during the fourth quarter of 2014.

 

PM-Group S.p.A., with a 50-year history, manufactures more than 50 models of truck-mounted hydraulic knuckleboom cranes. The company’s largest subsidiary, Oil & Steel, is a manufacturer of truck-mounted aerial platforms. Combined, O&S and PM add nearly 510,000 sq. ft. of assembly and manufacturing space between two locations in Modena, and Arad, Romania.  

 

"In PM-Group we have again found an exceptional opportunity to add new branded product lines, enhance our earnings power, and create value for our shareholders,” said David Langevin, Manitex chairman and CEO. “PM is a substantial company that has performed very well despite a depressed European economy and a very heavy debt load incurred from its 2008 LBO refinancing.

 

With the restructuring of its debt, which includes a reduction of more than $65 million, and evidence of the beginnings of a European recovery, we believe that this is a very attractive acquisition for us from a financial standpoint. This acquisition also expands our product portfolio nicely, enabling us to offer our dealers both straight-mast and knuckleboom cranes, each with unique benefits, functionality, and niche market applications."  

 

Langevin said PM has excellent management; global distribution with particular strength in South America, Europe and Africa; “and a product portfolio that we can introduce to Manitex's strong North America distribution network which we believe will allow for further growth in sales and EBITDA in 2015 and beyond.”