Manitex Sells Load King

Manitex International, Inc., Bridgeview, Ill., a manufacturer of cranes and specialized material and container handling equipment, announced that it has sold its Load King subsidiary to Utility One Source, Kansas City, Mo., a privately-held supplier of specialty equipment and services for the utility and heavy equipment industries.

Utility One Source is comprised of six businesses: Custom Truck & Equipment (CTE), Utility Fleet Sales, Forestry Equipment of Virginia (FEVA), UCO Equipment, TNT Equipment and now, Load King Trailers.

CTE is a provider of customized heavy equipment, vocational trucks, aerial platforms and cranes, while FEVA is a provider of insulated, over-center, articulating aerial lift trucks for the forestry industry. UCO is a provider of track-based, specialty equipment and services to the power, water, oil & gas energy sectors.  Utility One Source said TNT specializes in the design, remanufacturing, and customization of hi-rail and utility solutions, while Utility Fleet Sales is a distributor of utility equipment, parts, and services.

The transaction, which closed on December 28, 2015, produced gross proceeds of $6.525 million in cash, with net proceeds of approximately $6.2 million to Manitex International, Inc., which the company said it will use to repay bank debt. Trailing 12 months revenue for Load King was approximately $18.5 million.