Michigan manufacturer Michigan manufacturer
17 April 2008
Just over three years after being sold to Quantum Value Partners by The Manitowoc Company, Manitex has a new owner. Veri-Tek International, based in Wixom, MI, is buying the Texas-based boom truck manufacturer. Veri-Tek manufactures testing equipment for engines, axle assembly stations, and driveshaft assembly stations.
The purchase comes at a time when demand for Manitex boom trucks is strong. The company posted $62 million in revenues for 2005 and has a significant backlog, according to a company press release. The terms of the transaction were not disclosed.
Commenting on the sale, Manitex general manager Scott Ralston said the company will stay in Georgetown, TX and will continue to manufacture cranes and complementary products in its facility there. “Manitex has grown significantly over the last couple of years,” Ralston said. “We have a backlog to support even more growth. We remain active in new product development and will introduce three new products prior to year end. We are well on the way to establishing a superior distribution network for our SC-series sign cranes.”
Ralston also noted that Manitex is much larger than Veri-Tek, but that Veri-Tek provides a vehicle for Manitex to obtain equity financing for its operations, and Manitex provides Veri-Tek immediate “critical mass” in both revenues and earnings potential. “We plan for significant growth both organically and through additional acquisition,” Ralston said.
Manitex, Inc includes the activities in Georgetown, TX and York, PA. Product lines involved include Manitex boom trucks, Manitex SkyCrane sign cranes and USTC trolley boom unloaders. Neither Noble nor Schaeff branded forklifts were included in the sale. Veri-Tek trades on the American Exchange under the symbol VCC.