Acquisition · Industrial machinery
Tadano to buy US boom truck maker Manitex for $223 million
- Buyer
- Tadano (Takamatsu, Kagawa)
- Target
- Manitex International, Bridgeview, Illinois
- Value
- $223M including debt ($122M equity)
- Status
- Completed in January 2025.
- Date
- 2024-09-12
Crane maker Tadano agreed to acquire Nasdaq-listed Manitex International for $5.80 a share in cash, a 52% premium, valuing the deal at about $223 million including debt. Manitex makes boom trucks, knuckle-boom cranes and related lifting equipment. The deal closed in early January 2025 after shareholder and regulatory approvals.
Why it matters
Tadano gains a US manufacturing base and product lines it lacked, such as boom trucks, strengthening its position in North America, its largest market outside Japan.
A stake first
Tadano first invested in Manitex in 2018 and held about 14.5% before agreeing to buy the rest.
Tadano's reasons
Chief executive Toshiaki Ujiie said Tadano leads in Japan in truck loader cranes and aerial work platforms but had not matched that success abroad. Manitex adds those kinds of products outside Japan. Dean Barley, head of Tadano America, also became Manitex's chief executive.
Sources
Kakehashi M&A News home
