{"id":3145,"date":"2016-12-15T08:09:36","date_gmt":"2016-12-15T08:09:36","guid":{"rendered":"http:\/\/www.findadistributor.com\/news\/?p=3145"},"modified":"2016-12-15T08:09:36","modified_gmt":"2016-12-15T08:09:36","slug":"columbus-mckinnon-acquire-stahl-cranesystems","status":"publish","type":"post","link":"https:\/\/www.findadistributor.com\/news\/columbus-mckinnon-acquire-stahl-cranesystems\/","title":{"rendered":"Columbus McKinnon to Acquire Stahl CraneSystems"},"content":{"rendered":"

Columbus McKinnon Corporation (CMCO)<\/a>, a designer, manufacturer and marketer of material handling products, systems and services, will purchase Stahl CraneSystems, a business of Konecranes Plc. Stahl is a leading manufacturer of explosion-protected hoists and crane components and is well known for its custom engineering of lifting solutions and hoisting technology. The all-cash transaction value for the acquisition is \u20ac224 million ($240 million).<\/p>\n

Stahl serves independent crane builders and engineering procurement and construction (EPC) firms, providing products to a variety of end markets including automotive, general manufacturing, oil and gas, steel and concrete, power generation as well as process industries such as chemical and pharmaceuticals. Konecranes is divesting Stahl as a result of the European Union anti-trust review related to their pending acquisition of Terex Corporation’s Material Handling & Port Solutions business.<\/p>\n

Timothy Tevens, president and CEO of Columbus McKinnon<\/a>, said: \u201cWe have long viewed Stahl as an ideal complement to Columbus McKinnon EMEA, as well as an excellent expansion of our global product offering.\u00a0Their strong position with wire rope and electric chain hoists in Europe immediately complements our leadership of handheld hoists in that region, and their broad portfolio of ATEX certified explosion-protected products serving the mining, oil & gas and chemical processing industries significantly extends our global offerings in capability and capacities.\u201d<\/p>\n

He added: \u201cEqually important, Columbus McKinnon<\/a> and Stahl are culturally aligned, as Stahl has a similar go-to-market strategy, produces high quality products and is focused on the total cost of ownership for their customers.\u00a0 They also have strong, established relationships with EPC firms for key end-user solutions.\u201d\"\"<\/p>\n

Founded in 1876, Stahl has approximately 650 employees that support the manufacturing operation located in Germany and its nine affiliated sales companies around the world. For the trailing 12-month period ended 30 September 2016, Stahl had total revenue of approximately \u20ac155 million ($166 million) and EBITDA of approximately \u20ac29 million ($31 million), or about 19% of revenue. \u00a0EBITDA, or earnings before interest, taxes, depreciation and amortisation, is a non-GAAP metric typically used in assessing acquisition valuations. \u00a0Geographically, STAHL revenue is approximately 71% EMEA, 16% Americas and 13% Asia Pacific.<\/p>\n

The all-cash transaction value for the acquisition is \u20ac224 million ($240 million) with an earn-out potential up to \u20ac230 million ($246 million), if certain earnings goals are met for calendar year 2016. Cost synergies of approximately \u20ac5 million ($5 million) are expected to be realized in Fiscal 2018, growing to approximately \u20ac10 million ($11 million) in Fiscal 2019.\u00a0Columbus McKinnon estimates one-time transaction related costs in fiscal 2017 between $8.0 million and $9.0 million as well as one-time restructuring costs of \u20ac6 million ($6 million) in fiscal 2018.<\/p>\n

Financing for the transaction as well as the restructuring of current debt has been committed by J.P. Morgan Chase Bank, N.A.\u00a0The financing will be structured as senior secured debt up to $570 million including a new $75 million revolver.\u00a0The borrowings will fund the acquisition, certain fees and expenses incurred in connection with the transaction and repay outstanding balances on the Company\u2019s current revolving credit facility and term loan.<\/p>\n

Columbus McKinnon\u2019s acquisition of Stahl is expected to close between 31 January 2017 and 30 April 2017. The closing is subject to European Commission approval, the successful closing of the pending acquisition of certain Terex subsidiaries by Konecranes, and other customary conditions.\u00a0 J.P. Morgan Securities LLC acted as lead financial advisor. Moelis & Company LLC was also a financial advisor to the Company. DLA Piper (Hamburg, Germany and New York City, New York) served as outside counsel on the transaction and financing.\u00a0Latham and Watkins (Brussels, Belgium and Frankfurt, Germany) handled the regulatory review and filing.<\/p>\n","protected":false},"excerpt":{"rendered":"

Columbus McKinnon Corporation (CMCO), a designer, manufacturer and marketer of material handling products, systems and services, will purchase Stahl CraneSystems, a business of Konecranes Plc. Stahl is a leading manufacturer of explosion-protected hoists and crane components and is well known for its custom engineering of lifting solutions and hoisting technology. The all-cash transaction value for… Read More<\/a><\/p>\n","protected":false},"author":3,"featured_media":3146,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4,10],"tags":[174,1590,391,106,1589,1591],"class_list":["post-3145","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-homepage-top","category-news","tag-cmco","tag-cmco-buys-stahl","tag-columbus-mckinnon","tag-material-handling","tag-stahl-cranesystems","tag-timothy-tevens"],"acf":[],"yoast_head":"\nColumbus McKinnon to Acquire Stahl CraneSystems - Find A Distributor Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.findadistributor.com\/news\/columbus-mckinnon-acquire-stahl-cranesystems\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Columbus McKinnon to Acquire Stahl CraneSystems - Find A Distributor Blog\" \/>\n<meta property=\"og:description\" content=\"Columbus McKinnon Corporation (CMCO), a designer, manufacturer and marketer of material handling products, systems and services, will purchase Stahl CraneSystems, a business of Konecranes Plc. 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