31.01.2017

Fassi takes control of French business

Fassi has increased its stake in French manufacturing and distribution group CTELM, which owns Fassi France, Miltra and Marrel to a point where it owns the majority of the equity.

Co owner Roger Boutonnet will continue as president of CTELM although he is now, of course, a minority shareholder in the business. He also took the opportunity during the signing of the completion documents last week to confirm that 2016 had a been a very positive year, in terms of sales of Marrel products, and improved profitability in the other parts of the group.
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Roger Boutonnet

Fassi and Boutonnet jointly acquired the business in August 2013 from the Caravelle financial group See Fassi acquires Marrel the equity split between the two was not disclosed at that time and the same applies this time.

As part of the move though Fassi says that it will play a more active role in the French business and will use the distribution business to sell its Swedish built Cranab forestry cranes which it now owns and Jekko spider cranes in which it has a 33 percent stake. Signs of the brewing deal were seen in late October when Jekko appeared alongside Fassi products at the JDL exhibition in Marseille.
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Jekko on the Fassi France stand at JDL in October

Chief executive Giovanni Fassi said: “This is an excellent opportunity to develop new commercial synergies for the Cranab and Jekko brands, which already form part of our group”.