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Published: 15 November 2016
CVS Ferrari Srl - new owners?
Rumours in Italy suggest that US-based Manitex International has sold its Italian affiliate CVS Ferrari to another Italian company, BP Battioni e Pagani
Sources in Italy suggest that CVS Ferrari Srl, acquired by US-based Manitex International from the receiver of the former CVS Ferrari SpA in 2010, will soon have new owners again, although the reports have been denied.
The imminent new owners are understood to be made up of private investment banking group FININT (Financial Intelligence) based in Milan, and private investors led by Federico Zanotti, the Managing Director of long-established Italian sideloader and 4-way entry FLT manufacturer BP Battioni Pagani SpA. Top CVS Ferrari executives Davide Bertozzi and Stefano Mercati, who have years of experience in the heavy lift truck business, are said to be involved in the Zanotti/BP part of the purchase.
The purchase price is said to be in the range of €5M-6M plus bank debts. FININT reportedly will initially acquire 60% of the company and Zanotti/Battioni e Pagani, Bertozzi and Mercati 40%, although in due course FININT would expect to reduce its stake.
The rumours state that Manitex's CEO David Langevin will be in Italy on 17th November to sign the deal.
CVS Ferrari recently disposed of its terminal/ro-ro tractor line to Terex Port Solutions. CVS Ferrari is understood to be doing well in the heavy lift truck/reach stacker business and recently landed another major deal in Novorossiysk, Russia.
Manitex has just completed the sale of its Liftking RT/military FLTs business Liftking to Mi-Jack.