Manitex changes CEO, buys into rental
By Murray Pollok15 April 2022
Manitex International, producer of Manitex, Oil & Steel, PM and Valla, has appointed former AMECO and Hitachi Construction Machinery executive Michael Coffey as CEO, replacing Steve Filipov.
The company said Coffey “has a proven track record as an operations leader integrating, consolidating and managing facilities and executing M&A transactions on four continents.”
Filipov will continue to work in an advisory capacity, said Manitex.
At the same time Manitex announced the acquisition of 70 per cent of Texas general rentals company Rabern Rentals for US$25.9 million. Rabern has four locations in Texas and reported revenues of $21.5 million last year.
Rabern founder Steve Berner will continue to run the business and retains a 30 % stake.
Joe Doolan, Manitex CFO, said, “Rabern’s rental fleet of equipment is complimentary, to our own product lines but does not overlap Manitex’s current products. It is a great fit for our overall objective of pursuing profitable and sustainable growth for Manitex.”
He said new CEO Coffey had experience that would be “instrumental in helping us chart our path forward as a provider of equipment into the industrial marketplace that generates value for shareholders, capturing an appropriate share of margin and cash flows.”
Coffey has spent more than 25 years in heavy equipment rentals, manufacturing and operations management. He was CEO of equipment parts and service business H-E Parts (owned by Hitachi CM) and previously held senior positions at Oldcastle and Fluor-owned rental business AMECO.
“I am looking forward to working with the team at Manitex to support our commercial objectives to achieve higher levels of financial performance”, said Coffey.
“The industrial equipment landscape has continued to evolve and a focus on production, costs, and operating efficiencies is critical to taking advantage of the market opportunities we see in front of us.
“The entire Manitex team wishes to thank Steve Filipov for his hard work that has put the company in a good position to move forward from here. Steve will continue to work with the company in an advisory capacity.”