- Aspen Aerials (Duluth, Minnesota) is the leading U.S. manufacturer of specialized vehicles used to inspect the undersides of bridges that cannot be accessed from the ground, such as those that span rivers, bays, ravines, or valleys. The Company’s under-bridge inspection units (UBIUs) feature a truck-mounted mechanical arm that protrudes from the truck and wraps around the underside of a bridge. Bridge inspectors, engineers, maintenance personnel, or operators ride in a bucket at the end of the arm, which can be maneuvered to any location under the bridge.
- Time Manufacturing is a leading manufacturer of bucket trucks, digger derricks, cable placers, and other specialty equipment for the power generation, transmission and distribution, investor-owned utility, telecommunications, bridge inspection, light and sign, and tree care industries. Time Manufacturing is a portfolio company of The Sterling Group, a private equity firm based in Houston, Texas.
- Owing to Aspen Aerials’ 95% U.S. market share, the Company lacked meaningful domestic growth opportunities. The European and Asian markets, however, were poised to grow significantly in the coming years. To compete internationally, Aspen Aerials needed a partner with an international distribution network and the ability to mount its attachments onto foreign truck chassis.
- With its complementary product portfolio, established international presence, and recent acquisition by The Sterling Group, Time Manufacturing stepped forward as a strong bidder.