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News » Plant » Manitou buys into Australian distributor » published 9 Jun 2017

Manitou buys into Australian distributor

Manitou has bought a majority stake in LiftRite Hire & Sales, based in the Australian city of Perth.

The dealership specialises in the construction, mining and material handling equipment and is the exclusive distributor in Western Australia for Manitou and Gehl products.

This transaction, which is expected to be finalised before the 1st August, grants Manitou Group the opportunity to acquire 55% of LiftRite Hire & Sales shares with an option to increase its stake up to 96% in three years.

Family-owned LiftRite distributes Manitou, Gehl, Kalmar and Kobelco products for the construction, mining and material handling markets. The sales revenue generated by the company in 2016 was €12m, of which 65% represents Manitou Group products.

Manitou Group president and CEO 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.”

 

MPU

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This article was published on 9 Jun 2017 (last updated on 9 Jun 2017).

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