Manitex International, Inc. Announces Successful Completion of the Acquisition of PM Group, S.p.A.

Knuckle Boom Cranes Added to Manitex's Family of Products

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Manitex International, Inc., a leading international provider of cranes and specialized material and container handling equipment, today announced that it has successfully completed its previously announced acquisition of PM Group S.p.A. ("PM") The purchase price of $91 million, which reflects exchange rate changes in effect at the closing, compares to the previously announced price of $107 million, and consisted of cash consideration of $21 million, assumed non-recourse debt of $60 million, and one million shares of Manitex common stock. Financing for the cash portion of the purchase price was provided by Manitex's recently announced new bank credit facilities and the issuance of new convertible subordinated notes to institutional investors.

David J. Langevin, Chairman and CEO of Manitex International stated, “We welcome PM Group to the Manitex family, and look forward to providing our dealers another exceptional product line to offer to their customers. Knuckle booms 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. We have already begun the planning process for additional knuckle boom production here in North America, and expect to introduce this exciting new product line throughout our North American dealerships this year. Additionally, we expect to accelerate the distribution of Manitex product through the broad international PM sales network. By our introduction of this product line into the US we expect, over time, to increase the overall PM knuckle boom business above its historical levels. The PM acquisition is expected to be accretive to our net earnings in 2015 and beyond. The addition of PM, together with ASV, our new joint venture with Terex Corporation, positions Manitex to start 2015 at an annual sales run rate of approximately $500 million."

PM based in Modena, Italy is a leading Italian manufacturer of truck mounted hydraulic knuckle boom cranes with a 50-year history of technology and innovation, and a product range spanning more than 50 models. Its largest subsidiary, Oil & Steel, “O&S”, is a manufacturer of truckmounted aerial platforms with a diverse product line and an international client base. PM had revenues through December 2014 of approximately $100 million with EBITDA margins consistent with those of Manitex International.