XML 42 R31.htm IDEA: XBRL DOCUMENT v3.21.2
Subsequent Event
9 Months Ended
Sep. 30, 2021
Subsequent Events [Abstract]  
Subsequent Event

23. Subsequent Event

On October 1, 2021, the Company completed the acquisition of substantially all of the assets and liabilities of the crane business of H&E Equipment Services, Inc. (“H&E”) for a preliminary purchase price of $130.0 million. The purchase price is subject to customary adjustments for, among other things, finalization of net working capital and other transaction adjustments. The acquisition was funded from existing cash resources, including the use of the ABL revolver of which $100.0 million was outstanding as of September 30, 2021. The H&E's crane business will operate with eleven full-service branch locations under the Company's new wholly owned subsidiary, MGX Equipment Services, LLC ("MGX") and will expand Manitowoc’s ability to provide new sales, used sales, aftermarket parts, service, and crane financing options to a variety of end market customers. MGX will be reported in the Americas segment.