02.01.2007

Hyva acquires Amco Veba

The Hyva Group of Alphen aan den Rijn, Holland has received approval to acquire Amco Veba of Poviglio, Italy.

Hyva, a €200 million business, whose major shareholder is 3i, owns Kennis, the Budel based loader crane producer. Amco Veba not only produces its own range of loader cranes up to 85t/m but also owns Ferrari which has traditionally built smaller articulated loader cranes.

3i funded the Management Buy Out of Hyva from Alpha in 2004, taking a 65 percent stake. The management took 15 percent of the shares while Alpha retained a 20 percent holding.

At the start of 2006 it began introducing Hyva to possible acquisition partners. It is looking for Hyva to increase its sales to around €500 million within the next two years.

Vertikal Comment

This transaction was quietly concluded in November and was subject to approval, it seems that no objections were filed during the 14 day period, which ended just before Christmas.

This should now permit the deal to be completed.

We estimate that the combined loader crane production capability of the merged business could approach 4,000 units in 2007, putting the company among the top half dozen producers worldwide.

The acquisition will also transform loader cranes from being an insignificant part of the Hyva group to being a major segment.