BGL Announces Manitex International Reaches Definitive Agreement to be Acquired by Tadano Ltd.

Rhea-AI Summary

Brown Gibbons Lang & Company (BGL) has announced that Manitex International, Inc. (NASDAQ: MNTX) has signed a definitive agreement to be acquired by Tadano in an all-cash transaction valued at $223 million or $5.80 per share, representing a 52% premium over the closing price for the last trading day. Manitex, headquartered in Bridgeview, Illinois, is a leading manufacturer of truck cranes, aerial work platforms, and specialized lifting solutions. The transaction is expected to close in early Q1 2025, subject to shareholder and regulatory approval. BGL's Engineered Equipment investment banking team served as the exclusive financial advisor to Manitex in this strategic acquisition.

Positive

• All-cash transaction valued at $223 million, offering shareholders a 52% premium
• Potential for expanded market reach and synergies with Tadano's global presence
• Strategic acquisition aligning complementary product portfolios in the lifting solutions industry

Negative

• Manitex will lose its independence as a public company
• Potential integration challenges and cultural differences between the two companies
• Regulatory and shareholder approval still required, introducing uncertainty to the deal's completion

Leading provider of mobile truck cranes, aerial work platforms, specialized lifting solutions, and construction equipment rentals

CLEVELAND, Sept. 12, 2024 /PRNewswire/ -- Brown Gibbons Lang & Company (BGL) is pleased to announce that Manitex International, Inc. (NASDAQ: MNTX) (Manitex) has signed a definitive agreement to be acquired by Tadano Ltd. (Tadano). BGL's Engineered Equipment investment banking team served as the exclusive financial advisor to Manitex in the transaction. Under the terms of the transaction, Tadano will acquire Manitex in an all-cash transaction valued at $223 million or $5.80 per share, a 52% premium over the closing price for the last trading day.

The company's globally recognized brands include Manitex, PM, Oil & Steel, Valla, and Rabern Rentals.

Headquartered in Bridgeview, Illinois, Manitex is a leading international manufacturer of truck cranes, aerial work platforms, specialized lifting solutions, and construction equipment rentals to infrastructure, maintenance, utility, manufacturing, and construction markets. Manitex engineers and manufactures its products in North America and Europe, distributing them through its proprietary dealers worldwide. The company's globally recognized brands include Manitex, PM, Oil & Steel, Valla, and Rabern Rentals.

Founded in 1919 and headquartered in Takamatsu, Japan, Tadano is an original equipment manufacturer and distributor of construction and vehicle-mounted cranes, aerial work platforms, and other specialized material handling solutions sold globally under a set of highly recognized brands.

The transaction is expected to close early in the first quarter of 2025, following receipt of shareholder and regulatory approval.

BGL's Industrials Group has extensive global transaction experience and domain knowledge across a broad range of industrial end markets. Our emphasis is on providing investment banking advisory services and capital raising strategies to middle-market companies that offer unique value propositions to their customers and proprietary product and service offerings.

To learn more about the state of M&A across the Industrial market, including how trends will shape the future landscape of industrial M&A, download our most recent Industrials research reports: https://bit.ly/BGLIndustrialsResearch. 

About Brown Gibbons Lang & Company
Brown Gibbons Lang & Company (BGL) is a leading independent investment bank and financial advisory firm focused on the global middle market. The firm advises private and public corporations and private equity groups on mergers and acquisitions, capital markets, financial restructurings, business valuations and opinions, and other strategic matters. BGL has investment banking offices in Chicago, Cleveland, Los Angeles, and New York, and real estate offices in Boston, Chicago, Cleveland, and San Antonio. The firm is also a founding member of Global M&A Partners, enabling BGL to service clients in more than 35 countries around the world. Securities transactions are conducted through Brown, Gibbons, Lang & Company Securities, LLC, an affiliate of Brown Gibbons Lang & Company LLC and a registered broker-dealer and member of FINRA and SIPC. For more information, please visit www.bglco.com. 

Industry Contacts:

Andrew Petryk
Head of Industrials
apetryk@bglco.com
216.920.6613

Justin A. Wolfort
Director
Engineered Equipment
jwolfort@bglco.com
216.920.6629

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SOURCE Brown Gibbons Lang & Company

FAQ

What is the acquisition price for Manitex International (MNTX) by Tadano ?

Tadano is acquiring Manitex International (MNTX) for $223 million, or $5.80 per share, representing a 52% premium over the last trading day's closing price.

When is the Manitex International (MNTX) acquisition by Tadano expected to close?

The acquisition of Manitex International (MNTX) by Tadano is expected to close early in the first quarter of 2025, subject to shareholder and regulatory approval.

What are the main product lines of Manitex International (MNTX)?

Manitex International (MNTX) manufactures truck cranes, aerial work platforms, specialized lifting solutions, and provides construction equipment rentals under brands including Manitex, PM, Oil & Steel, Valla, and Rabern Rentals.

Who served as the financial advisor to Manitex International (MNTX) in this acquisition?

Brown Gibbons Lang & Company's (BGL) Engineered Equipment investment banking team served as the exclusive financial advisor to Manitex International (MNTX) in the acquisition by Tadano