Load King manufactures specialised custom trailers

Manitex International has sold its Load King subsidiary to Utility One Source.

Zacks Equity Research notes that the USD6.2 million sale price will help the company lower its debt, while it focuses on its higher-margin core lifting businesses, which remain its main priorities going into 2016.

Utility One Source, founded by private equity funds managed by Blackstone, is a single-source supplier for the utility and heavy equipment industries with a focus on sales, rental, parts and installation, equipment customisation, remanufacturing, installation and aftermarket services.

Load King came under the Manitex umbrella six years ago when it was acquired from Genie Industries, a subsidiary of Terex Corporation for USD3.1 million.

South Dakota-based Load King Trailers manufactures specialised custom trailers and hauling systems for heavy equipment transport.

Bridgeview, Illinois-based Manitex is a leading provider of engineered lifting solutions, including boom truck and rough-terrain cranes, rough-terrain forklifts, container handling equipment and specialised trailers.