US boom truck manufacturer Manitex has acquired the operating assets of Phoenix Corporation, a manufacturer of truck mounted aerial equipment, including the Skyhook, Skyhoist and Sponco lines of material handling and personnel services platforms.
The deal was completed on 12 July.
Manitex itself was acquired earlier this year from Manitowoc by Quantum Equipment LLC, a platform company of private equity fund Quantum Value Partners.
Manitex president and chief operating officers Brad Rogers said: “We are pleased to join the proven Skyhook, Skyhoist and Sponco product lines with the Manitex and USTC brands. Together these brands broaden our product line offerings and extend our opportunities to penetrate additional markets.” He added: “We will reshape this company with a combination of existing experienced personnel along with the core management team we have in place. We are committed to providing the financial and operating resources required to being the leader in boom trucks, material handling and specialty aerial lift platforms.” Harold Sader, president of Phoenix Corporation, said: “The combination of companies will bring about several positive results. The Phoenix brands, especially Skyhoist and Sponco, provide Manitex with the opportunity to be a major player in the sign and billboard markets. In addition, Phoenix has several thousand units in the field, which will provide Manitex with a significant and continuing opportunity to provide parts and repair services to a large population of equipment located throughout the United States and Canada.” The Phoenix transaction is the fourth acquisition by Quantum in line with it’s objective to build a major capital goods manufacturing organisation. In addition to Phoenix and Manitex, Quantum acquired: Noble Construction Equipment of Lubbock, Texas, which builds and distributes earthmoving and material handling equipment; and also Interpipe, Inc., which manufactures water trucks, fuel/lube trucks and water towers.
