Manitex Buys Badger

September 28, 2010

Manitex International, a provider of boom trucks, rough-terrain forklifts, and special mission vehicles, bought into the rough-terrain-crane business with the purchase of Badger Equipment, a maker of specialized rough-terrain cranes and material handlers. Badger had announced earlier this year that it would introduce a new line of specialized rough-terrain cranes, including a 30-ton model, and Manitex anticipates the launch will remain on schedule. Initial shipments are expected this current quarter. The $3 million acquisition from Badger’s owner, Avis Industrial, included $250,000 in Manitex common stock and a $2.75 million, five-year note bearing interest at 6 percent. Badger had revenues of approximately $10 million and positive net income in 2008.

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