PM and Oil & Steel to be acquired by Manitex

By Alex Dahm22 July 2014

The 70 tonne capacity Manitex TC700

The 70 tonne capacity Manitex TC700

Manitex International in the USA has agreed the acquisition of Italian articulating crane and aerial platform manufacturer PM Group SpA for US$ 107 million.

Articulating (knuckle boom) cranes under the PM brand and Oil & Steel branded truck mounted aerial platforms will be added to the Manitex product offer. Manitex said that PM Group, its largest acquisition to date, has trailing twelve months revenue of $106 million and an adjusted EBITDA margin around 9 %.

PM Group accumulated $140 million in debt following a 2008 LBO, which has created an opportunity for Manitex to acquire the company and restructure the debt, the US company said. The acquisition, expected to close in the fourth quarter of 2014, includes assumption of $68 million in debt and liabilities, plus working capital facilities. Also in the price is a $24 million loan, and $15 million in new Manitex shares, mainly to PM’s banks.

At Manitex International PM Group’s PM and Oil & Steel will join fellow Italians crane manufacturer Valla and container handling equipment specialist CVS Ferrari, plus US crane companies Manitex and Badger. Manitex Lift King and Load King are also in the Manitex International portfolio.

Latest News
Boels orders 600 Atlas Copco compressors
Order includes plug-and-play, electric-powered portable compressors for low emission zones
Initial works contract for US$6.6 billion Australian rail link
Laing O’Rourke has been awarded the Initial Works and Early Works package for Suburban Rail Loop in Australia
Business leaders’ recognition for waste company MD
UK’s Institute of Directors honours Jacqueline O’Donovan at annual awards event