The Manitowoc Company, Inc. (NYSE: MTW) has announced the acquisition of all assets of Aspen Equipment, Co. Both the firms have inked an acquisition agreement under which MTW will buy Aspen for nearly $51 million. The acquisition agreement includes the buying of a diversified crane dealer and a leading final-stage, purpose-built work truck upfitter.
The agreement of Manitowoc with Aspen is a mutually beneficial agreement as it will place Manitowoc closer to its end markets in the U.S. and further add to its expected purchase of H&E Equipment’s crane business. Aspen has gained recognition as a well-established, proven dealer with great upfitting abilities will be better served with Manitowoc's National Crane boom truck product offering.
The strategic rationale behind this acquisition is that it will grow Manitowoc’s direct-to-customer footprint in Iowa, Nebraska, and Minnesota with new sales, used sales, parts, service, and rentals to a wide range of end markets. Moreover, the field support team of Aspen will offer needed technical competencies and outstanding customer support.
Additionally, the dedicated crane and truck equipment upfitting capacities of Aspen deliver a greater depth of product offerings to a broader base of customers including loyal Manitowoc customers. Aspen has also a successful record of designing several innovative lifting and final-configuration truck solutions for a wide range of end customers. This customer-centric methodology will offer Manitowoc a solid platform for growth.