Veri-Tek acquires assets of Liftking Industries
15 April 2008
At a purchase price of $8 million (CAD), Veri-Tek International Corp. has acquired Woodridge, Ontario-based Liftking Industries Inc. Liftking manufactures rough terrain forklifts, special mission oriented vehicles, specialized carriers, heavy material handling transporters and steel mill equipment.
Earlier in 2006, Veri-Tek purchased Georgetown, TX-based Manitex, which manufactures boom trucks and sign cranes.
Liftking's assets were purchased by a wholly owned Canadian subsidiary of Veri-Tek known as Manitex Liftking. The purchase price is subject to working capital adjustments, and was paid in a combination of stock and cash. The book value of Liftking's assets at closing was approximately $10.9 million (CAD). For the 12 months ending July 30, 2006, Liftking reported revenue of approximately $20.5 million (CAD). The company has more than 6,000 units operating worldwide and more than 170 dealer locations that sell and service units globally.
Former Liftking executive Mark Aldrovandi will continue as president of Manitex Liftking.
As to the affect the acquisition will have on the Manitex operation, at the time of going to press, officials could not be reached for comment.