15.04.2022

Manitex acquires in Texas

US-based crane and aerial lift manufacturing group Manitex has completed the acquisition of a 70 percent stake in Rabern Rentals of Amarillo, Texas for $25.9 million.

The acquisition is being financed through a new $85 million credit facility from Amarillo National Bank.
Rabern Rentals operates from four locations in Texas - three in greater Amarillo and one to the south west in Hereford - with 2021 revenues of around $21.5 million and an EBITDA of $8 million. It runs a fleet of more than 1,700 units including telehandlers, aerial work platforms, earthmoving and general equipment,

Rabern's founder Steve Berner retains the other 30 percent of the equity and will continue to run the business.
Manitex chief financial officer Joe Doolan said: "The addition of Rabern provides an immediate and impactful boost to our margins, effectively doubling our annualised EBITDA run-rate based on 2021 results. Rabern's rental fleet of equipment is complimentary to our own product lines but does not overlap Manitex's current products. It is a great fit for our overall objective of pursuing profitable and sustainable growth for Manitex.”

“With a reported backlog of $189 million as of December 31, 2021, bookings have continued to grow thus far in 2022 reaching over $200 million as of March 31, 2022. We are looking for another year of continued growth across each of our businesses. Michael's experience on the business and operations side will be instrumental in helping us chart our path forward as a provider of equipment into the industrial marketplace that generates value for shareholders, capturing an appropriate share of margin and cash flows."

The move comes as chief executive Steve Filipov is replaced by Michael Coffey.