July 13, 2009 (FinancialWire) — Manitex International, Inc. (NASDAQ: MNTX) (Current Market Cap: US$ 8.09 Mil.) said it has acquired Badger Equipment Co., a manufacturer of specialized rough terrain cranes and material handling products, for 250,000 in Manitex common stock and a $2.75 million five-year note bearing interest at six percent, for an aggregate purchase price of $3 million.

Winona, Minnesota-based Badger, which was acquired from Avis Industrial, a privately held company, had revenues of around $10 million, EBITDA of around $500,000, and positive net income in 2008, according to Manitex.

Earlier this year, Badger Equipment launched plans to introduce a new line of specialized rough terrain cranes, including a 30-ton model to its national dealer-base, with shipments to begin in the second half of 2009.

Manitex said the new Badger line will compliment the company’s existing product line, primarily serving the needs of the construction, municipality, and railroad industries. Manitex said it anticipates that the launch will remain on schedule, with initial shipments expected this current quarter.

The company said it anticipates moderate revenue and cash flow contributions in the second half of this year from Badger, with more substantial impact occurring in following years, primarily driven by the strength of the new product’s launch.

Badger Equipment began operations in 1945 and has manufactured and sold more than 10,000 units since its inception. Its specialized earthmoving, railroad, and material handling equipment, parts, and other products, have been marketed under the Badger, Little Giant, Burro-CFT, Cullen FriestedtT, Western CullenT, and BurroT brand names. The Cullen-Friestedt’s branded equipment dates back to 1907.

Bridgeview, Illinois-based Manitex International is a provider of engineered lifting solutions including boom truck cranes, rough terrain forklifts and special mission oriented vehicles.

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