02.07.2010

Manitex acquires CVS Ferrari

Manitex International, the boom truck, Rough Terrain crane and rough terrain forklift manufacturer has taken over the running of CVS Ferrari, the Italian based reach stacker manufacturer.

The deal follows CVS Ferrari’s entry into administration and as such it is not a full acquisition at this stage. Manitex has established an Italian company - CVS Ferrari SRL which has agreed to rent and operate the CVS Ferrari business with an option to purchase it once the Italian insolvency process, ‘Concordato Preventivo’ is concluded.

The rental period could run for up to two years, but is typically much shorter than that. The acquisition will depend to some extent on obtaining the agreement of the CVS creditors.
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A Ferrari Reachstacker

CVS Ferrari had revenues in 2008 of €71.8 million and has a current order book of around €10 million. The business has been struggling for some time and was the subject of a takeover deal by the Kalmar division of Cargotec at the end of 2006, but that deal was quashed by the German Kartelamt (competition authority) on the basis of it being anticompetitive.

Kalmar, a direct competitor later acquired 80 percent of two CVS service companies in Italy, CVS Technoports and CVS Service while CVS Ferrari retained a 20 percent holding in each.