The Manitowoc Company, a manufacturer of cranes and lifting solutions, closed the acquisition of the crane business of H&E Equipment Services, a rental equipment company, for approximately $130 million, subject to the finalization of net working capital and other transaction adjustments.
“We are excited to welcome the H&E crane team to the Manitowoc family. The acquisition of the H&E crane business advances our strategy to expand our aftermarket activities within a significant geographic region,” Aaron H. Ravenscroft, president and CEO of The Manitowoc Company, said. “The crane business will operate under our new wholly-owned subsidiary, MGX Equipment Services, LLC. Together, we are in a stronger position to continue delivering industry-leading products and support for our customers while growing shareholder value.”
MGX Equipment Services will expand Manitowoc’s ability to provide new sales, used sales, aftermarket parts, service and crane financing options to end market customers. MGX, along with Manitowoc’s previously announced acquisition of Aspen Equipment Company, includes 14 full-service branch locations along with field service technicians that provide technical competencies and customer support.
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