Utility One Source, a portfolio company of the Blackstone Group, said Wednesday that it acquired Load King. Manitex International was the seller. Financial terms weren’t announced. Elk Point, South Dakota-based Load King provides specialty trailers.
December 30, 2015 12:09 PM Eastern Standard Time
NEW YORK–(BUSINESS WIRE)–Utility One Source today announced the acquisition of Load King, a leading provider of specialty trailers, from Manitex International. Based in Elk Point, South Dakota, Load King’s existing management team, will continue to lead and to grow the business as part of Utility One Source. Utility One Source, founded by private equity funds managed by Blackstone earlier this year, is a single-source supplier for the utility and heavy equipment industries with a focus on sales, rental, parts and installation, equipment customization, remanufacturing and installation, and aftermarket services.
“I am delighted to welcome Load King to the Utility One Source family, said Chairman Chris Ragot. “Load King will be a great asset for our team, further enhancing the already-compelling equipment portfolio UOS has to offer. Their addition demonstrates our continued commitment to becoming the leading provider of solutions and selection to the heavy equipment and utility industries.”
Load King’s general manager, Jim Peterson said, “We are thrilled to now be a part of Utility One Source. We look forward to being a part of its continued growth by delivering the renowned specialty trailers on which Load King has built its reputation.”
The addition of Load King marks the sixth acquisition under the Utility One Source brand since its formation in February 2015, and is validation of its pledge to build a national footprint and a wide breadth of product offerings. Funds managed by Blackstone will continue to provide growth capital for significant additional investment in equipment, innovation and an expanded geographic footprint, which will ensure Utility One Source has the customer-focused solutions the industry requires.
About Load King
Load King has been producing quality specialty trailers since 1956. Located in Elk Point, South Dakota, Load King has built its reputation on designing, manufacturing and marketing top quality custom and standard model products.
About Utility One Source
Utility One Source is comprised of five family-owned and operated businesses: Custom Truck & Equipment, Utility Fleet Sales, Forestry Equipment of Virginia (FEVA), UCO Equipment, TNT Equipment, and now Load King. The partnership, with a combined 18 locations nationwide will collectively offer sales, rentals, parts and aftermarket services, remanufacturing, customized equipment and transportation. Utility One Source will build upon the market positions of each company, while serving as a single source supplier for the utility and heavy equipment industries.