Custom Truck One Source buys Terex boom truck business

Custom Truck One Source has its roots in Custom Truck and Equipment (CTE), which has been building truck bodies since the 1990s. Private equity firm Blackstone acquired CTE in 2015, along with Utilities Fleet Sales and Forestry Equipment of Virginia, naming the business Utility One Source (UOS). At the time, Blackstone said the new company, part of its Blackstone Energy subsidiary, would be ‘a single source supplier for the utility and heavy equipment industries with a focus on sales, rental equipment, parts, transportation and service.’

Specialised trailer manufacturer Load King joined the group in 2016, from Manitex, as the sixth acquisition since its founding. It has continued to operate under its own well-known brand. Former owner Manitex was itself formed out of the Manitowoc boom truck business, which was divested 2002 in order to allow for acquisition of National.

In 2018, the company rebranded as Custom Truck One Source. CEO Fred Ross, founder of CTE, said at the time: “Every day, people look to us for innovative solutions—and clear communication about them. With our focus on custom in the name, it can work for every industry we serve, whether it’s utility, forestry, rail, construction, propane, oil and gas, or other heavy equipment industries. We think Custom Truck One Source does a good job of that.”

Today, according to Ross, the company aims to be a ‘cradle to grave’ supplier of vocational equipment, building, selling, hiring, and, eventually, buying back and remanufacturing specialised truck bodies.

 “This transaction completes one of the portfolio actions we announced in February,” said John L. Garrison, Terex Chairman and Chief Executive Officer. “We continue to implement our Focus, Simplify and Execute to Win strategy. By focusing on businesses where we have a strong market position, we can efficiently concentrate our improvement efforts to maximize value for our customers, team members and shareholders.”

Commenting on the transaction, Ross said: “I am delighted to announce this acquisition and its launch of boom truck, crossover and truck crane product lines under Load King’s brand.  This is an important acquisition that expands our broad specialized truck and heavy equipment solutions offering.”

Garrison added: “We will work closely with Custom Truck One Source to ensure a smooth transition and will continue to sell parts to our boom truck, truck crane and crossover customers during an expected one-year transition period.”

Garrison concluded, “After completion of this transaction with Load King and the sale of Demag Mobile Cranes to Tadano, Terex will remain in the rough terrain and tower crane businesses. We will fulfil global demand for rough terrain cranes from our Crespellano, Italy facility, including the popular RT 100US and for tower cranes from our Fontanafredda, Italy facility. Customers can be assured that we will continue to sell parts and provide support to rough terrain, tower crane, and other legacy crane products. We are investing in parts inventory and improving our operations to better serve these important customers.”