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Manitowoc closes acquisition of Aspen Equipment Company for $51M

September 2, 2021  By Crane & Hoist Canada Staff

Manitowoc has completed the acquisition of the Aspen Equipment Company, a diversified crane dealer and final-stage, purpose-built work truck upfitter.

The deal closed for approximately $51 million.

“We are pleased to welcome the Aspen team to the Manitowoc family. Our combined businesses provide unique synergies to accelerate our growth in the coming years,” says Aaron H. Ravenscroft, president and chief executive officer of The Manitowoc Company, in a statement.

“From a new machine perspective, Aspen’s upfitting business fits nicely with our National Crane boom truck business and will enable us to better serve key end markets, such as utility and telecommunications customers. Additionally, Aspen’s aftermarket business will complement our previously announced acquisition of H&E’s Crane business.”

The acquisition of Aspen will expand Manitowoc’s direct-to-customer footprint in Iowa, Nebraska and Minnesota with new sales, used sales, parts and service to a variety of end markets.

Aspen’s field support team will bring technical competencies and customer support.

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