Tadano to Acquire Crane, Aerial Lift Manufacturer Manitex for $223 Million

Japanese crane manufacturer Tadano Ltd. has acquired the remaining 85% of publicly traded crane manufacturer Manitex.

The transaction – valued at $223 million, including outstanding debt – has been approved by both company boards and is anticipated to close in the first quarter of 2025. As part of the acquisition, Manitex will become a wholly owned subsidiary of Tadano.

Tadano originally purchased 2.9 million Manitex shares – a 15% stake – for $32.7 million in 2018.

Manitex, which is based in Bridgeview, Illinois, operates the PM, Oil & Steel, Rabern, and Valla equipment brands in addition to the Manitex brand, broadening Tadano’s product offerings.

Tadano stated the acquisition is expected to lead to the expansion of its global truck loader cranes and aerial work platform business and “create a more balanced portfolio structure.”

“Our expanded partnership with Tadano represents a new and exciting chapter for our employees and our customers,” said Michael Coffey, CEO of Manitex. “The acquisition by Tadano will help mitigate cyclical risk, while providing the company with scale and broader international scope. We will benefit from access to technology, production synergies and working capital, enabling the company to better achieve its objectives. Together with Tadano, we are strategically positioned to build a leading provider of lifting equipment solutions to the construction, infrastructure, and industrial markets.”

In a letter to employees announcing the merger, Coffey referred to Tadano as “a supportive investor and active member of our company’s board” and said “our products are complementary with very little competitive overlay.”

Tadano also acquired Japanese-based manufacturer of self-propelled crawler aerial work platforms Nagano earlier this year.