{"id":9438,"date":"2016-12-28T21:56:31","date_gmt":"2016-12-28T21:56:31","guid":{"rendered":"http:\/\/minutes.machine.market\/?p=9438"},"modified":"2016-12-28T21:56:31","modified_gmt":"2016-12-28T21:56:31","slug":"manitex-sells-cvs-ferrari-subsidiary-for-5-million","status":"publish","type":"post","link":"https:\/\/machine.market\/blog\/manitex-sells-cvs-ferrari-subsidiary-for-5-million\/","title":{"rendered":"Manitex sells  maker of Reach Stackers, CVS Ferrari subsidiary for $5 million"},"content":{"rendered":"<p>Crane and specialized equipment manufacturer <a href=\"http:\/\/manitex.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Manitex<\/a> International said it has sold its <a href=\"http:\/\/www.cvsferrari.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">CVS Ferrari<\/a> subsidiary to Italian companies <a href=\"http:\/\/www.bpbattionipagani.it\/\" target=\"_blank\" rel=\"noopener noreferrer\">BP<\/a> and NEIP III for $5 million in cash, and the assumption of $14 million of net CVS debt.<\/p>\n<p>The purchasers are privately-held manufacturers and service providers for terminal handling equipment provided around the world. As part of the transaction, Manitex retained the operations of CVS&#8217;s Valla division, which offers a full range of electric precision pick and carry cranes. The transaction closed Dec. 22.<\/p>\n<p class=\"p402_premiumInside\">CVS was originally acquired by Manitex in 2011 for $4 million in cash, and the assumption of $1 million in CVS debt. Trailing 12 months revenue and EBITDA for CVS were approximately $50 million and $2 million, respectively, at the time of sale.<\/p>\n<p class=\"p402_premiumInside\">&#8220;The divestiture of CVS is another important step forward in our corporate program to focus our resources on our higher margin core lifting businesses and to reduce the company&#8217;s indebtedness, which remain our top corporate priorities heading into 2017,&#8221; said Manitex Chairman and CEO David J. Langevin. &#8220;CVS is a solid strategic fit with the Purchasers and this transaction should be of substantial benefit to all parties.&#8221;<\/p>\n<p class=\"p402_premiumInside\">Manitex expects to record in its fourth quarter and year end 2016 results certain allocated noncash charges for goodwill and intangible assets relating to the disposal of a portion of its CVS segment, which are expected to be approximately $7 to $8 million<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Crane and specialized equipment manufacturer Manitex International said it has sold its CVS Ferrari subsidiary to Italian companies BP and NEIP III for $5 million in cash, and the assumption of $14 million of net CVS debt. The purchasers are privately-held manufacturers and service providers for terminal handling equipment provided around the world. As part [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":9439,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":""},"categories":[2,8],"tags":[1003,1263],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v14.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Manitex sells maker of Reach Stackers, CVS Ferrari subsidiary for $5 million - MachineMarket Blog<\/title>\n<meta name=\"robots\" content=\"index, follow\" \/>\n<meta name=\"googlebot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta name=\"bingbot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cranemarket.com\/blog\/manitex-sells-cvs-ferrari-subsidiary-for-5-million\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Manitex sells maker of Reach Stackers, CVS Ferrari subsidiary for $5 million - MachineMarket Blog\" \/>\n<meta property=\"og:description\" content=\"Crane and specialized equipment manufacturer Manitex International said it has sold its CVS Ferrari subsidiary to Italian companies BP and NEIP III for $5 million in cash, and the assumption of $14 million of net CVS debt. The purchasers are privately-held manufacturers and service providers for terminal handling equipment provided around the world. 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