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Manitowoc Co. to purchase Aspen Equipment for $51 million


The Manitowoc Co., a leading global manufacturer of cranes and lifting equipment based in Milwaukee, announced that it has entered into a definitive agreement to acquire substantially all the assets of Aspen Equipment Co., a Bloomington, Minn.-based diversified crane dealer and work truck upfitter for approximately $51 million. The transaction is expected to close in September. The acquisition will expand Manitowoc’s direct-to-customer footprint in Iowa, Nebraska and Minnesota with new sales, used sales, parts, service and rentals to a variety of end markets. Aspen Equipment operates an Iowa location in Ankeny. “Aspen is a well-established, proven dealer with great upfitting capabilities which will fit great with Manitowoc’s National Crane boom truck product offering,” said Aaron Ravenscroft, president and CEO of the Manitowoc Co.

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