04.05.2011

Manitex wins approval to acquire CVS Ferrari

US based Manitex has received approval to acquire the key assets of Italian port handling equipment manufacturer CVS.

The company has been notified that a majority of the CVS creditors have now approved the final liquidation plan for the company under the Italian ‘Concordato Preventivo’ proceeding, which includes the purchase by Manitex of assets, including drawings, designs and equipment.

The final Court approval and legal documentation is expected to be completed during the third quarter of this year. The purchase will be made through the subsidiary that Manitex established for the purpose- CVS Ferrari srl.

Manitex has been ‘renting’ the assets of CVS since July 2010 and while precise details are limited, it recorded $9 million of revenue from the operation in the fourth quarter of 2010, making up more than 30 percent of Manitex’s total revenues for the period.
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A Ferrari Reachstacker

CVS manufactured a range of port handling equipment including reach stacker container handlers which it sold under both the CVS and Ferrari brands. CVS Ferrari had revenues in 2008 of €71.8 million but went into administration in early 2010. Click here to see original report

Manitex chief executive David Langevin said: "We are very pleased with the completion of the next step in the process, and now, with the approval of the creditors secured, we expect to complete the transaction in the near future. During the past year, through our rental of the CVS assets, we have learned a great deal about this business area, and have been gratified by the positive results we have achieved. We are hopeful that the acquisition, and full implementation of our business plan will be completed soon, and that CVS Ferrari srl will have a significant positive impact on our Company as a whole."
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