09.04.2024

Altec takes Teupen

US based vehicle mounted and utility equipment manufacturer Altec has acquired the German spider lift manufacturer Teupen Maschinenbau from its owner Martin Borutta.

We understand that prior to the deal going ahead on Friday, Borutta had repurchased the 24 percent stake in the business owned by Dingli since 2020. See: Dingli takes a stake in Teupen. Borutta will remain on board and continue to manage the business, including its US operations.

The move follows a deal in which Teupen has been supplying Altec with an insulated spider lift similar to the Leo 56AIC for the past year or two after the American company agreed to place an initial order of around 100 units.

A statement from Altec said: “This acquisition expands the footprint for Altec worldwide and provides a complement to Altec’s robust line of products and services designed for the utility, telecommunications, tree care and lights and signs markets.”

Managing director Paul Crane added: “Altec is excited to be offering the Teupen product to customers across several of the company’s core industries. These products are designed with best in class reliability, durability and versatility in mind. They will allow us to provide our customers with a new type of equipment while still receiving the outstanding Altec experience they know and expect.”

Teupen Maschinenbau was founded in 1977 by Bernd Teupen to produce a range of furniture hoists, introducing a trailer lift the following year and adding its first tracked spider lift in 1987. At a later date it added small truck mounted lifts, mainly for the local market.

The business was acquired by managing director Alfons Thihatmer and Andreas Grochowiak in the 1990s. They sold a majority stake in the company to private equity firm Nord Holding in February 2008, with Thihatmer leaving the company two years later. Hanover Finanz took a majority stake in the company in 2012, with Borutta acquiring the majority holding in 2017, two years after he was recruited to head the business.

Vertikal Comment

This is an interesting move, Altec is heavily involved in the tree care and utility markets, particularly where the two overlap - trimming trees back from overhead power lines etc. The company is privately held and quite secretive. It also likes to own its suppliers and one has to wonder if it discussed the possibility of acquiring the business at a later date when it began buying Teupen platforms?

So, a good, bad or indifferent deal? Hard one to call, but on balance it is probably a good deal for the employees of Teupen, a great deal for Borutta and as how good a deal it turns out to be for Altec we will never know. But certainly, it will make sure it works out - regardless of the challenges - and with Borutta it has a savvy, energetic and enthusiastic senior manager.