Veri-Tek International Completes Manitex Acquisition
Veri-Tek International, Corp., Wixom, Mich., announced it completed the purchase of Manitex, Inc., from Quantum Value Management, LLC, on July 3, 2006.
Subject to post-closing working capital adjustments, Manitex was purchased for approximately $35 million and was paid by delivering 234,875 shares of Veri-Tek's common stock and a promissory note for approximately $1.1 million. For the remaining portion, Veri-Tek will assume approximately $33 million of Manitex's debt.
Other terms of the purchasing agreement included an employment agreement in which David Langevin, chief executive officer of Manitex, Inc., will serve as the CEO of Veri-Tek. Langevin also was elected as a director and chairman of the board of Veri-Tek, which went into effect on July 3.
J. Giordano Securities acted as financial advisory to Veri-Tek in connection with the transaction and rendered a fairness opinion to the board of directors of Veri-Tek.