Manitowoc acquires Aspen Equipment’s assets
By D.Ann Shiffler17 August 2021
Aspen’s specialized crane and truck equipment upfitting capabilities provide greater depth of product offerings to a wider base of customers including Manitowoc customers, the company said
The Manitowoc Company has entered into a definitive agreement to acquire substantially all the assets of Aspen Equipment for approximately $51 million. Aspen is a diversified crane dealer and a final-stage, purpose-built work truck upfitter.
The acquisition will expand Manitowoc’s direct-to-customer footprint in Iowa, Nebraska and Minnesota with new sales, used sales, parts, service and rentals to a variety of end markets. Aspen’s field support team brings industry-leading technical competencies and exceptional customer support, Manitowoc said. In addition, Aspen’s specialized crane and truck equipment upfitting capabilities provide greater depth of product offerings to a wider base of customers including Manitowoc customers.
“We are pleased to reach this mutually beneficial agreement with Aspen which will position Manitowoc closer to our end markets in the U.S. and complement our pending
acquisition of H&E Equipment’s crane business, said Aaron H. Ravenscroft, president and CEO of The Manitowoc Company. “Aspen is a well-established, proven dealer with great upfitting capabilities which will fit great with Manitowoc’s National Crane boom truck product offering. We look forward to welcoming the Aspen team to the Manitowoc family. We expect this acquisition will be accretive to adjusted EBITDA in year one.”
The transaction is expected to close in September 2021 and is subject to customary closing conditions.
“Over the years, Aspen Equipment has developed numerous innovative lifting and final-configuration truck solutions for a variety of end customers,” said Ravenscroft. “This customer-centric approach will provide Manitowoc a solid platform for growth.”