Add-on Acquisition • Automotive

Manitowoc Acquires Aspen Equipment

On August 16, 2021, Manitowoc acquired automotive company Aspen Equipment for 51M USD

Acquisition Context

This is Manitowoc’s 1st transaction in the Automotive sector.
This is Manitowoc’s 3rd largest (disclosed) transaction.
This is Manitowoc’s 3rd transaction in the United States.
This is Manitowoc’s 1st transaction in Minnesota.

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M&A Deal Summary
Date	August 16, 2021
Target	Aspen Equipment
Sector	Automotive
Buyer(s)	Manitowoc
Deal Type	Add-on Acquisition
Deal Value	51M USD

Target Company

Aspen Equipment

Bloomington, Minnesota, United States

Aspen Equipment is a crane dealer and a final-stage, purpose-built work truck upfitter. Aspen's inventory consists of boom trucks, grapples, cranes, snowplows, truck bodies, Doosan air compressors, loaders, and more. Aspen Equipment was founded in 1926 and is based in Bloomington, Minnesota.

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Buyer Overview 1

Buyer

Manitowoc

Milwaukee, Wisconsin, United States

Category	Company
Founded	1902
Sector	Machinery
Employees	4,800
Revenue	2.2B USD (2024)

DESCRIPTION

Manitowoc is a manufacturer of crawler cranes, tower cranes, and mobile cranes for the heavy construction industry, which are complemented by product support services. Manitowoc also manufactures commercial food service equipment. Manitowoc was founded in 1902 and is based in Milwaukee, Wisconsin.

Deal Context for Buyer	#
Overall	4 of 4
Sector: Automotive	1 of 1
Type: Add-on Acquisition	3 of 3
State: Minnesota	1 of 1
Country: United States	3 of 3
Year: 2021	2 of 2
Size (of disclosed)	3 of 4

PREVIOUS DEAL

DATE	TARGET	DEAL TYPE	VALUE
2021-07-20	H&E Equipment Services - Crane Business Baton Rouge, Louisiana, United States H&E Equipment Services' Crane Business provides rentals, new sales, used sales, aftermarket parts, and service to a variety of end-market customers.	Buy	$130M

DATE

TARGET

DEAL TYPE

VALUE

2021-07-20

H&E Equipment Services - Crane Business

Baton Rouge, Louisiana, United States

H&E Equipment Services' Crane Business provides rentals, new sales, used sales, aftermarket parts, and service to a variety of end-market customers.

Buy

$130M

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