Crane industry veteran Steve Filipov has been appointed chief executive of Metalliance following a successful takeover.
At the end of July Filipov and group of Franco-American investors succeeded in their bid to acquire Metalliance which has been in administration/Chapter 11 since May. The takeover was approved by the Dijon Commercial Court at the very end of the month.
The bid made by Filipov along with private equity investors Corail-SM - the French subsidiary of US based Coral Reef - and fellow American Sandton Capital, along with Novium, the French railway construction equipment manufacturer and US based Mining Equipment which makes underground mine rail equipment, is expected to save around 130 to 145 jobs.
Steve Filipov
We understand that the consortium paid €1.25 million for the business including inventory fixed and intangible assets such as ‘know how’ and technical expertise and documentation. The deal is based on the commitment that the new owners will inject at least €10 million into the business over the next three years.
Metalliance was owned by Gaussin which Steve Filipov headed for a while, having been appointed chief executive in February. See: New challenge for Filipov
Vertikal Comment
This latest development is the second act in an ongoing saga, which Filipov must surely have been aware of when accepting the Gaussin appointment. From the sound of it there may be a few more acts to go before stability reigns.
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