Manitou has taken a stake in LiftRite
The Manitou group has finalised its acquisition
of a majority stake (55%) in Australian company LiftRite.
Thanks to a supplementary call option, the group will hold a 96% share by 2020.
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 and mining markets. In 2016, the company generated $17.6 million in sales revenue, of which Manitou Group products accounted for 65%.
Michel Denis, Manitou group president and CEO, states: "LiftRite has got a team with great expertise and excellent know-how. Through the acquisition of a stake in our historical dealer in Australia, we reinforce Manitou's position in the mining sector while continuing to reinforce and develop all brands carried by LiftRite in all the markets served in this region."
LiftRite has grown from its original team of three people to a staff of more than 65 sales, hire and service professionals and support staff.