PM-Group's Power Lift solution

Manitex International Inc has added truck-mounted hydraulic knuckle boom cranes to its product line after completing its acquisition of PM-Group SpA of San Cesario sul Panaro, Italy.

The purchase price of USD91 million reflected the exchange rate in effect at the 15 January closing.

"Knuckle boom cranes have been gradually gaining traction in the North American markets in the past few years, and we believe that this is a very exciting opportunity for Manitex and our shareholders," says David J Langevin, chairman and chief executive officer of Bridgeview-based Manitex. "We have already begun the planning process for additional knuckle boom production here in North America."

The transaction consisted of a cash consideration of USD21 million, assumed non-recourse debt of USD60 million and one million shares of Manitex common stock. Financing for the cash portion was provided by Manitex's new bank credit facilities and the issuance of new convertible subordinated notes to institutional investors.

PM-Group's largest subsidiary manufactures truck-mounted aerial platforms with a diverse product line. PM had 2014 sales of approximately USD100 million.

Manitex has added nearly a dozen brands since going public in 2006. The firm operates internationally through eight subsidiaries with design and manufacturing facilities in the US, Canada and Italy.