16.09.2003

Autogru PM acquires Oil & Steel

Italian knuckle boom crane manufacturer Autogru PM has acquired 100 percent of the capital of aerial work platform manufacturer Oil & Steel, which is also based in Italy.

The purchase was made through Autogru PM by BS Private Equity which, along with its current managing director Marco Milesi, was involved in a management buy-in to Autogru PM back in May 2002, with an annual revenues of €55 million. The founders of Oil and Steel have underwritten an increase in the capital of Autogru PM as part of the transaction.

The Oil & Steel acquisition gives the combined group a revenue of €85 million, the merged company will be controlled jointly by Milesi and the founders of Oil & Steel, P Balugani, Fiorenzo Flisi, M Piantoni and R Valentini, who incidentally all retain their original roles within the company.
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The Oil & Steel acquisition gives the combined group a turnover of €85 million (UK£60 million).

“From a commercial point of view, the two companies - Autogru PM and Oil & Steel - will be independent, in order to increase their market share in their respective fields,” said Milesi. “The operation will enable the partners of Oil & Steel to continue the work began in 1995, and also return to the field of hydraulic cranes for trucks, which is a sector in which the partners have acquired great experience in the past.”
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Autogru PM now claims to be the world’s fourth largest manufacturer of hydraulic knuckle boom cranes with a turnover of €55million (UK£38.79 million).

Autogru PM now claims to be the world’s fourth largest manufacturer of knuckle boom loader cranes with revenues of €55 million, of which around 60 percent comes from exports to more than 50 countries.

Milesi says that the company has been strengthened by this acquisition, allowing it to continue with its business plan, which is largely based on organic growth. This said, however, Milesi is not ruling out further acquisitions should they fit with the company’s aims and objectives.