Manitou has taken a stake in LiftRite
The Manitou group has signed an agreement to take a majority stake in Australian dealer LiftRite, based in Perth. The dealership specialises in construction, mining and materials handling equipment, and has been the exclusive distributor in Western Australia for Manitou and Gehl products.
This transaction, which is expected to be finalised before August 1, grants Manitou Group the opportunity of acquiring 55% of LiftRite shares with an 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 materials handling markets. The sales revenue generated by the company in 2016 was around AUD18 million (USD13.5 million), 65% of that represented by the Manitou Group products.
Michel Denis, Manitou Group president and CEO, says: "LiftRite has got a team with great expertise, 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."