Manitowoc completes USD 51m Aspen deal
Cranes and lifting equipment manufacturer Manitowoc has completed its acquisition of Aspen Equipment Company, a diversified crane dealer and truck upfitter, for approximately USD 51 million.
Commenting on the deal, Aaron H. Ravenscroft, president and chief executive officer of The Manitowoc Company Inc. said: “From a new machine perspective, Aspen’s upfitting business fits nicely with our National Crane boom truck business and will enable us to better serve key end markets, such as utility and telecommunications customers.
“Additionally, Aspen’s aftermarket business will complement our previously announced acquisition of H&E’s Crane business.”
The acquisition of Aspen will expand Manitowoc’s direct-to-customer footprint in Iowa, Nebraska, and Minnesota with new sales, used sales, parts, and service to a variety of end markets.
Founded in 1902, Manitowoc designs and manufactures product lines of mobile telescopic cranes, lattice-boom crawler cranes, boom trucks, tower cranes, and industrial cranes under the Grove, Manitowoc, National Crane, Potain and Shuttlelift brand names.