08.06.2017

Manitou acquires Oz dealer

Manitou has agreed the acquisition of a 55 percent - majority stake in its dealer LiftRite, based in Perth, Australia.

The family owned dealership was founded in 1983 by George Hogg, Mark Manning and Ted Hirschfeld and specialises in the distribution of construction, mining and material handling equipment. It is the exclusive distributor for Manitou and Gehl products in Western Australia and also handles Kobelco excavators along with Kalmar forklifts and reachstackers. It also operates a thriving rental business with a fleet made up of the products it distributes.

Revenues last year totalled around €12 million, 65 percent of which came company from Manitou group products. The transaction, which is expected to be completed by the end of July, also grants Manitou the option to increase its stakes up to 96 percent in three years time.

Manitou chief executive Michel Denis said: "LiftRite has got a team with a great expertise, an excellent know how and a strong position in its market, especially in mining. Taking over a stake in our historical dealer in Western Australia, we reinforce Manitou's position in the mining sector, as we did several years ago, with a great success, in South Africa. In parallel to this long term strategic approach, we will continue to reinforce and develop all brands carried by LiftRite in all the markets served in this region."