M&A DealNews Ruthmann

The image depicts a maintenance or utility vehicle, specifically a cherry picker truck, which is equipped with an extendable arm and a bucket lift. This vehicle is in use, with the arm fully extended and the bucket containing personnel who appear to be performing work at height, possibly related to utility lines or tree maintenance. The truck is positioned on a paved surface, while the surrounding environment features a wooded backdrop, suggesting outdoor work.

**Key Elements:**

1. **Cherry Picker Truck:**
- A vehicle specifically designed with a hydraulic arm and bucket lift mechanism.
- Usually used for tasks requiring access at heights such as electrical line maintenance, tree trimming, or installation of street lights.

2. **Personnel:**
- Workers are present in the bucket, equipped with protective gear.
- Engaged in operations at height, demonstrating safety procedures.

3. **Extendable Arm:**
- Painted in orange, indicating visibility and often used in construction or utility work.
- Fully extended to reach necessary heights.

4. **Environment:**
- The truck is parked on a paved surface, possibly a road or driveway.
- Surroundings include a dense wooded area, indicating an outdoor work environment.

Overall, the image captures a scene typical of routine service and maintenance work utilizing specialized machinery to ensure safety and efficiency while operating at heights.

RUTHMANN

Additional growth potential by joining forces with US market player

Despite Corona: DZ BANK successfully conducts international bidding process

DZ BANK Corporate Finance / M&A advises RUTHMANN shareholders on sale to US-based TIME Manufacturing Company

The long-established company RUTHMANN, headquartered in Gescher-Hochmoor in the Münsterland region with 120 years of company history, is a manufacturer of truck-mounted aerial work platforms as well as self-propelled tracked work platforms, and a European market and technology leader. The innovative height access solutions are sold internationally under the STEIGER®, ECOLINE and BLUELIFT brands and stand for unrivaled performance data and safety as well as for an entire work platform category. Thus, for many users, the RUTHMANN brand STEIGER® is synonymous with the product aerial work platform in general. The highest quality standards and the comprehensive service network ensure maximum machine availability for customers and users from a wide range of industries. With its subsidiaries in Italy, Austria, Switzerland and the USA, RUTHMANN employs more than 500 people worldwide. In the DACH region, RUTHMANN has also been distributing TIME Manufacturing Company's VERSALIFT® aerial work platforms already prior to this transaction.

TIME Manufacturing Company is a manufacturer of mobile equipment for electric utilities, telecommunications, bridge inspection, tree care and other fleet-based industries. With its VERSALIFT®, BrandFX and Aspen Aerials brands, the company serves customers through its global network of subsidiaries and distributors. TIME Manufacturing Company employs more than 1,100 people worldwide and is a portfolio company of U.S. financial investor The Sterling Group.

The image depicts a large industrial setting, possibly a factory or power plant. Dominating the scene is a massive blue crane marked with the words "TORNADO 700 HF," which could be a model name or specification of the crane. The crane's arm extends horizontally and connects to a platform where a worker is seated, operating the machinery.

**Detailed Analysis:**

1. **Industrial Environment:**
- The backdrop showcases a complex network of metal structures, including staircases, platforms, and piping systems, indicating an industrial facility.

2. **Large Crane Machinery:**
- A prominent blue crane is visible, suggesting heavy-duty engineering equipment used for construction, maintenance, or operational purposes within the facility.

3. **Worker Presence:**
- A person on the crane’s platform is visible, appearing to be either inspecting or altering part of the structure. The worker's safety gear suggests a focus on safety protocols.

4. **Old Factory Vibes:**
- The overall aged aesthetic of the structure hints at an older industrial site, perhaps undergoing renovation or expansion.

5. **Plant Growth:**
- Some greenery is visible, suggesting either a neglected section of the site or an area left intentionally for aesthetic or environmental purposes.

This image depicts a typical scenario found in engineering-focused environments such as those related to manufacturing, refining, or steel production. — Maximum flexibility and highest safety standards for diverse applications

The image shows a large blue vehicle equipped with extendable aerial workplatform equipment. It appears to be a truck-mounted lift or crane, built for reaching high elevations. This particular model is marked as a "RUTHMANN STEIGER® T 700 HF," indicating it is a specialized machine designed for tasks such as maintenance, construction, or inspection at significant heights.

Key Features:
- Color: Predominantly blue
- Model Name: RUTHMANN STEIGER® T 700 HF
- It's stationed outdoors, presumably near an industrial setting, evident from surrounding metal structures and pipes.
- The vehicle framework includes a substantial arm or boom on its body, configured to extend vertically or horizontally.

Purpose:
- Generally used in industries that require safe and efficient operations at height, such as electric utility companies, construction sites, or heavy industries.
- Allows crews to perform repairs, installations, or inspections of infrastructure positioned high above the ground. — Compact dimensions and agility combined with the highest possible working height

With the support of DZ BANK Corporate Finance / M&A, we were able to successfully implement the transaction professionally and with strict confidentiality. For the challenges that arose in the ongoing transaction process, the project team always developed tailored solutions in constant dialogue with us.

Heinrich Winkelmann, ehemaliger Gesellschafter RUTHMANN

The tireless work of the project team made a decisive contribution to the success of the transaction and also significantly relieved the RUTHMANN management as well as us shareholders. My entrepreneurial and personal goals were fully achieved with the help of DZ BANK Corporate Finance / M&A despite the high level of uncertainty associated with the Corona pandemic.

Heinz-Heinz-Jürgen Buss, former shareholder RUTHMANN

Martin Petsch, DZ BANK

"RUTHMANN is an established player in the European market for truck-mounted aerial work platforms and has seen impressive growth. With the sale of the company to a strong partner with access to attractive geographic markets, there is nothing to stop this success story from continuing."

The image shows a person wearing a dark blue checkered suit and a white shirt with a green polka dot tie.

Benedikt Fischer, DZ BANK:

"With RUTHMANN, TIME acquires a hidden champion of the German Mittelstand sector and thus massively expands its European presence. Both companies complement each other perfectly in terms of region and products and will thus together form a global market leader for aerial work platforms in the future."

Rolf Martin Blume, DZ BANK

"The merger of these two successful companies is based on shared corporate values such as a focus on innovation and quality, as well as a commitment to excellent customer service, and thus creates new growth opportunities from which employees and business partners alike will benefit in the long term."