NEIP III spa. an investment veichle managed by Italy’s Finint & Partners,will buy the entire capital of CS Ferrari srl in joint venture with BP Handling Technologies srl (gruppo Battioni Pagani) (see here the press release).
CVS Ferrari is a manufacturer of container handling equipment including fork lift yrucks, reach stackers, ro-ro tractors, runner and straddle carriers, and is now controlled by Nasdaq-listed group Manitex International.
The deal stated that Manitex will sell CVS Ferrari to NEIP III and Technology and that CVS will be merged into BP Technology, with the new group that will be 60% owned by NEIP and 40% owned by BP Handling’s shareholder, which is Pagani holding (controlled in turn by the Pagani family). The same Pagani holding owns Battioni Pagani Pompe too and the group is led by the ceo Federico Zanotti.
BP Handling Technologies, headquartered in Sorbolo (Parma), has been pioneering the side loader market since 1959 and it is a well known leader in design and manufacturing of lift trucks.
CVS and BP Handling Technologies have combined revenues of 50 million euros and employ more than 100 people. The new group will be managed by actual CVS’s ceo, Stefano Mercati.
Battioni Pagani group and NEIP III have been advised by King & Wood Mallesonslaw firm for the deal, by PwC as for the accountant, fiscal and financial due diligence and by Ceccarelli as for the business due diligenc. Manitex was instead supported by Orrick law firm and by Studio Simonazzi as for financial issues.
CVS Ferrari is investment number seven for NEIP III, which is going to be 70% invested by the end of this year. CVS Ferrari joins in NEIP III portfolio: Panificio San Francesco (frozen bread for GDO), ABL (fruit cutter machines), Vimec (homelifts, platform stairlifts, mobile stairclimbers) and Forno d’Asolo (frozen pastry products). NEIP III already divested from two companies: Lafert (electric engines) and Nuova Giungas (monolithic isolation joints for oil&gas indsutry).