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H&E Equipment Services Sells Crane Business to Manitowoc Subsidiary

October 04, 2021, 07:17 AM
Filed Under: Mergers & Acquisitions

H&E Equipment Services, Inc. announced it has completed the sale of the company’s crane business to a wholly owned subsidiary of The Manitowoc Company, Inc. Proceeds from the sale are an estimated $130 million in cash, pending the finalization of net working capital and other transaction adjustments. The proceeds are expected to be used for further facilities expansion, investment in the rental fleet and other general corporate purposes.

Brad Barber, Chief Executive Officer of H&E Equipment Services, said, “With the closing of the transaction, H&E has fully exited all crane distribution and service activities while positioning the Company for continued expansion in the equipment rental business. We believe our transition to a pure rental business strategy should result in improved revenues and margins through the industry cycle.”

Aaron H. Ravenscroft, President and Chief Executive Officer of The Manitowoc Company, Inc., said, “We are excited to welcome the H&E crane team to the Manitowoc family. The acquisition of the H&E crane business advances our strategy to expand our aftermarket activities within a significant geographic region. The crane business will operate under our new wholly owned subsidiary, MGX Equipment Services, LLC. Together, we are in a stronger position to continue delivering industry-leading products and support for our customers while growing shareholder value,” said

MGX Equipment Services, LLC (MGX) will expand Manitowoc’s ability to provide new sales, used sales, aftermarket parts, service, and crane financing options to a variety of end market customers. MGX along with the previously announced acquisition of Aspen Equipment Company includes 14 full-service branch locations along with field service technicians that provide industry-leading technical competencies and exceptional customer support.

Equipment Finance Advisor reported the planned sale on July 21.

H&E also reported that the previously announced agreement to sell two earthmoving distribution branches in Arkansas has closed. H&E will remain a distributor of earthmoving equipment in the state of Louisiana.

Following the closing of the two transactions, H&E’s equipment rental operations extend across 101 branch locations in 24 states.

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