The Taylor Group, one of the largest privately-owned American manufacturers of heavy industrial lift equipment, has acquired a controlling stake in Italian forklift maker CVS Ferrari.

Taylor agreed to buy an 85% stake in CVS from Italian investment company NEIP III and sideloader company BP, formerly known as Battioni and Pagani.

As result of the transaction, NEIP III is completely exiting its participation in CVS.

Meanwhile, BP, privately owned by the Pagani family, will retain a 10% share in CVS while SDB, a company owned by CVS director of sales and marketing Davide Bertozzi, will retain a 5% share in CVS. 

Taylor president and chief operational officer Robert Taylor, who will serve as president of CVS, says: "With this international investment, the Taylor Group is committed to becoming a truly global player by opening new markets and combining the strengths of both organisations, which complement each other well. 

“We see tremendous opportunities for growth in market access, new products, lower cost and enhancing service and support".

As well as Robert Taylor, the new CVS board will include Taylor executives Davis Taylor, director of sudden service, and Hal Nowell, director of sales. 

Davide Bertozzi will join the CVS board while the current board member Federico Zanotti will serve as managing director.

With operations in Italy in two plants in Roveleto di Cadeo (Piacenza) e Sorbolo (Parma), CVS currently employs 120 people with a yearly volume capacity of approximately 200 units.

"CVS has found a new home with an industrial investor that can provide long-term stability and adequate resources to enhance the company's development further,” Zanotti says. 

“In combination with the Taylor Group, CVS will boost its capabilities in after-market support, broaden its product offering and further increase production volumes at the Cadeo and Sorbolo plants. 

“The current management will stay onboard to signal continuity and commitment to the company's future."