Blackstone’s utility & heavy equipment platform acquires Load King
January 04, 2016
Utility One Source, a Blackstone-backed supplier for the utility and heavy equipment industries, has acquired specialty trailer provider Load King from Manitex International (NASDAQ: MNTX). Load King, which designs, manufactures and markets custom and standard model products, generated approximately $18.5 million in revenue and EBITDA of $800,000 for the trailing 12 months. The company’s sale to UOS produced gross proceeds of $6.5 million in cash, with net proceeds of roughly $6.2 million to Manitex International. Blackstone formed UOS earlier this year.