Manitex International Acquires Rabern Rentals, Names Industry Veteran Michael Coffey as CEO, and Upgrades Credit Facilities in Support of Growth and Margin Expansion Strategy

Apr 12, 2022

BRIDGEVIEW, IL / ACCESSWIRE / April 11, 2022 / Manitex International, Inc. (NASDAQ:MNTX), a leading international provider of cranes and specialized industrial equipment, today announced that it has completed the acquisition of 70% of Rabern Rentals, of Amarillo, Texas for $25.9 million. The acquisition is being financed through a new U.S.-based $85 million credit facility which enhances the company's ability to deploy its resources, globally. Rabern Rentals is a top regional provider of industrial equipment rentals with four locations throughout Texas and 2021 revenues of approximately $21.5 million, EBITDA of $8 million, and a fleet of more than 1,700 machines serving a multitude of end-markets, specializing in commercial construction. Rabern's Founder Steve Berner will continue to run this new rental segment and retains a 30% stake in the business.

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