Manitou completes LiftRite buyout
By Euan Youdale27 July 2017
The Manitou group has finalised its acquisition of a majority stake of 55% in the 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 €12 million in sales revenue, of which Manitou Group products accounted for 65%.
Michel Denis, Manitou Group president and CEO, said, “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.”