Manitowoc completes acquisition of the Crane Business of H&E Equipment Services, Inc.
The Manitowoc Company, Inc., a global manufacturer of cranes and lifting solutions announced the closing of the acquisition of the crane business of H&E Equipment Services, Inc. (“H&E”), one of the largest rental equipment companies in the U.S., 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. 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,” commented Aaron H. Ravenscroft, President and Chief Executive Officer of The Manitowoc Company, Inc.
MGX Equipment Services, LLC (“MGX”) will expand Manitowoc’s ability to provide new sales, used sales, aftermarket parts, service, and crane financing options to a variety of end-market customers. MGX along with the previously announced acquisition of Aspen Equipment Company includes fourteen full-service branch locations along with field service technicians that provide industry-leading technical competencies and exceptional customer support.
