Manitowoc completes acquisition of H&E Equipment Services
October 4, 2021 By Crane & Hoist Canada Staff
The Manitowoc Company has completed its acquisition of the crane business of H&E Equipment Services, Inc. for approximately $130 million.
H&E is one of the largest rental equipment companies in the U.S.
“We are excited to welcome the H&E crane team to the Manitowoc family,” says Aaron H. Ravenscroft, president and chief executive officer of The Manitowoc Company, in a statement.
“The acquisition of the H&E crane business advances our strategy to expand our aftermarket activities within a significant geographic region.”
H&E’s crane business will operate under Manitowoc’s new wholly owned subsidiary, MGX Equipment Services, LLC.
MGX will expand Manitowoc’s ability to provide new sales, used sales, aftermarket parts, service, and crane financing options to a variety of end market customers.
MGX, along with the previously announced acquisition of Aspen Equipment Company, includes 14 full-service branch locations along with field service technicians.
Brad Barber, chief executive officer of H&E Equipment Services, says, “With the closing of the transaction, H&E has fully exited all crane distribution and service activities while positioning the company for continued expansion in the equipment rental business.
“We believe our transition to a pure rental business strategy should result in improved revenues and margins through the industry cycle.”
H&E also reported that the previously announced agreement to sell two earthmoving distribution branches in Arkansas has closed. H&E will remain a distributor of earthmoving equipment in the state of Louisiana.
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