France-based Manitou will take a majority stake in its Australian distributor LiftRite, based in Perth.
LiftRite specialises in construction, mining and material handling equipment and is the exclusive distributor in Western Australia for Manitou & Gehl products.
The signature of agreement, which is expected to be finalised before the 1August, grants Manitou Group the opportunity of acquiring 55% of LiftRite Hire & Sales shares with a purchasing option, to increase its stakes up to 96% in three years.
A family-owned company founded in 1983 by George Hogg, Mark Manning and Ted Hirschfeld, 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 €12 million euros, of which 65% represents Manitou Group products.
Michel Denis, Manitou Group president and CEO, 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.”