French materials handling group Manitou has signed an agreement to take a majority stake in Perth-based construction, mining and materials handling equipment dealership LiftRite.
“This transaction, which is expected to be finalised before 1 August, grants Manitou Group the opportunity of acquiring 55 percent of LiftRite Hire & Sales shares with a purchasing option, to increase its stakes up to 96 percent in three years from now,” Manitou says in a statement.
A family-owned company founded in 1983 by George Hogg, Mark Manning and Ted Hirschfeld,
LiftRite is the historical and exclusive distributor in Western Australia for Manitou & Gehl products. It also distributes Kalmar and Kobelco products.
The company generated revenue in the region of $18 million in 2016, of which 65 percent represents the Manitou Group products.
“LiftRite has got a team with great expertise, excellent know-how and a strong position in its market, especially in mining,” Manitou Group president and CEO Michel Denis says.
“By taking 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 great success, in South Africa,” he says.
“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.”
The Manitou group designs, manufactures, distributes and services equipment for the construction, agriculture and industry sectors.
Through its Manitou, Gehl and Mustang brands the Group’s product ranges include all-terrain fixed, rotating and heavy-duty telehandlers, all-terrain, semi-industrial and industrial masted forklift trucks, wheeled or tracked skid-steer loaders, articulated loaders, access platforms, truck-mounted forklifts, warehousing equipment and attachments.