Oshkosh, Terex Said Among Time Manufacturing’s Possible Bidders
(Bloomberg) -- Oshkosh Corp. and Terex Corp. are among the potential bidders for Time Manufacturing Co., with the vehicle mounted crane manufacturer expected to fetch about $1 billion, according to people familiar with the matter.
Time, based in Waco, Texas, has also attracted interest from private equity firms, said the people, who asked not to be identified because the information is private. The company is being sold in an auction process by its private equity owner, Sterling Group, the people said.
Sterling could still decide to keep the business, they added.
Representatives for Sterling, Time and Oshkosh didn’t respond to requests for comment. A spokesperson for Terex declined to comment.
Sterling agreed to buy Time, which makes the Versalift and Aspen Aerials brands, in 2017 for an undisclosed sum. The firm has backed the company, led by Chief Executive Officer Curt Howell, in acquisitions that have included Germany-based Ruthmann in February, according to a statement.
Sterling, which is headquartered in Houston, raised $2 billion for its fifth fund in 2020, almost double the size of its 2015 vintage predecessor. The firm also owns stakes in Bad Boy Mowers and Fencing Supply Group, according to its website.
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