About Manitex International

Manitex International, Inc. (Manitex) provides engineered lifting solutions. The company designs, manufactures, and distributes a diverse group of products that serve different functions and are used in a variety of industries. Following the completion of the Rabern (Rabern Rentals, LLC) acquisition, the company reports in two business segments and has five operating segments, under which there are five reporting units. Rabern is a construction rental equipment provider, headquartered in Amarillo, Texas, primarily servicing business in the Texas panhandle. The company previously announced the closing of the Badger (Badger Equipment Company) reporting unit, which is expected to be finalized in mid-2023. Segments Lifting Equipment Manitex markets a comprehensive line of boom trucks, truck cranes, aerial platforms, electrical industrial cranes and utility vehicles. Manitex’s boom trucks and crane products are primarily used for industrial projects, energy exploration, energy distribution and infrastructure development, including roads, bridges and commercial construction and the tree care industry. Truck mounted aerial work platforms are widely used in several diverse applications. High reach aerial work platforms are used in highway signage maintenance and construction, parking lot lighting applications, as well as telecommunication maintenance and upgrades. Medium reach aerial work platforms cover most retail shopping and commercial advertising. Larger capacity aerial work platforms are used as support vehicles to service and maintain equipment in mining applications. Cranes and aerial platforms are configured for tree management and removal, both manned and remote applications. Crane and Machinery, Inc. (‘C&M’ or ‘Equipment Distribution’) has historically been a distributor of the company’s products, as well as other cranes. Crane and Machinery Leasing, Inc. (‘C&M Leasing’) rents equipment manufactured by the company, as well as a limited amount of equipment manufactured by third parties. Beginning in 2023, C&M will be a distributor of the company's Valla and Oil & Steel products in the United States. PM and Oil and Steel S.p.A. (‘PM’ or ‘PM Group’) is a leading Italian manufacturer of truck- mounted hydraulic knuckle boom cranes with a 64-year history of technology and innovation, and a product range spanning more than 50 models. PM is also a manufacturer of truck-mounted aerial platforms with a diverse product line and an international client base. Through its consolidated subsidiaries, PM Group has locations in Modena, Italy; Valencia, Spain; Arad, Romania; Chassieu, France; Buenos Aires, Argentina; Santiago, Chile; Singapore and Querétaro, Mexico. PM cranes are also distributed by the company's subsidiary, Manitex Inc, in Georgetown, Texas. The company’s subsidiary, Manitex Valla S.r.L. (‘Valla’) produces a full range of precision pick and carry industrial cranes using electric, diesel, and hybrid power options. Its cranes offer wheeled or tracked, and fixed or swing boom configurations, with special applications designed specifically to meet the needs of its customers. These products are sold internationally through dealers and into the rental distribution channel. Rental Equipment The company’s majority-owned subsidiary, Rabern, rents heavy duty and light duty commercial construction equipment, mainly to commercial contractors on a short-term rental basis. Rabern also rents equipment to homeowners for do-it-yourself projects. Rabern operates through commercial distribution and delivery stores (branches). Rabern has branches located in the greater Amarillo, Texas market and Rabern expects to open its branch in Lubbock, Texas. Boom Trucks A boom truck is a straight telescopic boom crane outfitted with a hook and winch which is mounted on a standard flatbed commercial (Class 7 or 8) truck chassis. Relative to other lifting equipment, boom trucks provide increased versatility, with some models capable of transporting relatively large payloads from site to site at highway speeds. A boom truck is usually sold with outriggers, pads and devices for reinforcing the chassis in order to improve safety and stability. Although produced in a wide range of models and sizes, boom trucks can be broadly distinguished by their normal lifting capability as light, medium, and heavy-cranes. Various models of medium or heavy-lift boom trucks can safely lift loads from 15- to 90-tons and operating radii can exceed 200 feet. Although the company offers a complete line of boom trucks from light to heavy capacity cranes, much of the company’s efforts have been devoted to the development of higher capacity boom trucks specifically designed to meet the particular needs of customers, including those in energy production and electrical power distribution. The company has developed an electric option called Manitex ECSY (Electric Crane System). The ECSY system is a practical innovation, allowing owners the flexibility to operate the crane remotely on chassis diesel hydraulic power with a supplemental electric motor, which can be engaged when the crane is stationary and operate on locally available electric power sources. The company sells its boom trucks through a network of over forty full-service dealers in the United States, Canada, Mexico, South America, and the Middle East. A number of the company’s dealers maintain a rental fleet of their own. Boom trucks can be rented for either short or long-term periods. Knuckle Boom Cranes PM knuckle boom cranes are hydraulic folding and articulating cranes, mounted on a commercial chassis, with lifting capacities that range from small (lifting capacity up to three-ton meter) to super heavy (lifting capacity up to two-hundred-and-ten-ton meter), often supplied with a jib for additional reach. The knuckle boom has a compact design and footprint, which can be mounted on a chassis to maximize the load carrying capability. Combined with the crane’s ability to operate in a compact footprint the ability to carry a payload provides a competitive advantage over other truck mounted cranes and makes the knuckle boom crane particularly attractive for a variety of end uses in the construction and product delivery sectors. The knuckle boom crane market is a global market with a wide variety of end sector applications, but focused particularly on residential and non-residential construction, road and bridge infrastructure development, waste management and utility applications. PM knuckle boom cranes are sold into a variety of geographies, including West and East Europe, Central Asia, Africa, North and Central America, South America, the Middle East and the Far East and Pacific region. PM has international sales and distribution offices located in the Far East and in Latin America. Aerial Work Platforms Oil & Steel aerial platforms are self-propelled or truck mounted and places an operator in a basket in the air in order to perform maintenance, repairs or similar activities. The equipment is used in a variety of applications, including utilities, sign work and industrial maintenance and is often sold to rental operations. Oil & Steel serves a number of geographies in North America, Western and Eastern Europe; and sells through dealers, as well as its own sales and distribution offices and two subsidiaries in Spain and France. In North America, products are sold under the Manitex brand and through its distribution network. Industrial Cranes As of January 2022, the company had discontinued the industrial crane product line. Valla Cranes Valla product line of industrial cranes is a full range of precision pick and carry cranes from 2 to 44 tons, using electric, diesel, and hybrid power options. Its cranes offer wheeled or tracked, and fixed or swing boom configurations, with special applications designed specifically to meet the needs of its customers. The product is sold internationally through dealers and into the rental distribution channel. Equipment Distribution C&M is a United States distributor of the company’s products. C&M Leasing rents equipment manufactured by the company as well as a limited amount of equipment manufactured by third parties. Part Sales As part of the company’s operations, the company supplies repair and replacement parts for its products. Patents and Trademarks The company’s most significant trademark is ‘Manitex’ (presently registered with the United States Patent and Trademark Office until 2027). Badger Equipment Company previously marketed its products under the ‘Little Giant’ and ‘Badger’ trade names, which were discontinued during January 2022. Valla markets its products under the ‘Valla’ tradename. PM sells its products using the trademark ‘PM’ and PM subsidiary, PM Oil & Steel S.p.A. sells its products using the ‘OIL & STEEL’ trademark. The Manitex, Valla, PM and OIL & STEEL trademarks and trade names are important to the marketing and operation of the company’s business as a significant number of its products are sold under those names. PM has three patents. One is registered with the Italian Patents and Trademarks Office until 2028. PM has two additional patents registered with The Office for Harmonization in the Internal Market for Trademarks, (‘OHIM’) that are in force until 2031 and 2034, respectively. Seasonality Traditionally, the company’s peak selling periods for cranes are the second and fourth quarters of a calendar year (year ended December 2022). Research and Development For the year ended December 31, 2022, the company’s research and development costs were $2,989. Competition The company’s boom cranes compete with cranes manufactured by National Crane, Custom Truck One Source, Elliott and Altec and Weldco Beales. The company’s knuckle boom cranes compete with Palfinger, Fassi, Effer and HIAB. History Manitex International, Inc. was founded in 1993. The company was incorporated in 2003.