23
FEBRUARY 2014
ACT
INTERVIEW
D.Ann Shiffler
talked with
Manitex International’s
Andrew Rooke about
the company’s success
since it was divested from
Manitowoc in 2003.
M
anitex International is a
crane industry success story
that has unfolded over the
past 10 years.
In 2002, Manitex was the boom truck
subsidiary of Manitowoc Cranes. When
Manitowoc acquired Grove and National
Crane, it needed to divest of one of the
boom truck companies. Manitowoc
decided to keep National Crane and
sell Manitex. In 2003 a small firm called
QVM purchased Manitex. QVM was an
industrial development company looking
to create a portfolio in the realm of lifting
and material handling. Manitex, based
in Georgetown, TX, would be its first
acquisition.
Since then, Manitex, which went public
in 2006 through a merger with Veri-Tek,
which would later be renamed Manitex
International, has been on a strategic
path of growth. Through the years since
purchasing Manitex, the company has
acquired LiftKing, Noble Forklifts, Crane
and Machinery, Badger, Load King, CVS
and Sabre. The company finalized the
acquisition of Italy-based Valla Cranes in
late 2013.
A successful path
the core Manitex business, but also to the
value of the companies it has acquired.
“We have grown through acquisitions
with the intent of adding companies with
strong brands that have not been able
to be developed as much as the owners
would have liked,” he said “As a larger
company, we can offer the resources to
grow these brands.”
“All of the product lines or businesses we
have acquired have very strong brands.
The Noble line, originally designed by
Caterpillar, is well known, and Badger
has been in the crane business since
1945. Load King has been around since
1956, CVS since 1975 and Sabre has a
strong reputation in the tank business.
Valla is a family owned Italian company
with a loyal product following and great
products.”
But the core of Manitex International is
still cranes and lifting equipment, Rooke
explained.
“The Manitex boom truck business is
still over 50 percent of the business,” he
said.
I spoke with Rooke recently about
the boom truck business, the future of
Andrew Rooke, who joined Manitex
in 2006 as president and COO, has
been a member of the management
team instrumental in the successful
path of Manitex International. Prior to
joining Quantum and Manitex, he was a
divisional director for UK-based GKN,
which owned a major construction and
agricultural equipment division.
With Manitex International, he has
found his professional calling, helping
to grow a small company into one that is
making a mark on the markets it serves.
“We went public in 2006, and the
move to do so has been successful,” he
said. “We have met the goals we set and
have been successful with regard to this.
The company went public before the
global economic downturn and in 2007
we finished the year at just over $107
million. Yet we finished 2012 with $205
million. We should be in the $245 million
range for 2013. We’ve shown positive
growth both organically and through
acquisitions, and our share price has
moved accordingly.”
Rooke attributes much of the success of
the company not only to the strength of
Andrew Rooke is president and COO
of Manitex International, based in
Bridgeview, IL.
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