PM and Oil & Steel to be acquired by Manitex
22 July 2014
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.
