Manitou takes majority stake in Finnish distributor
By Euan Youdale28 April 2022
Manitou Group has acquired a majority shareholding in its Finnish dealer Lifttek, based near Helsinki.
Founded in 1995, Lifttek distributes equipment and provides aftersales service to the construction and agricultural markets all over Finland, with three locations in the cities of Vantaa, Helsinki region, and Tampere. The company had a turnover of €7.5m in 2021 and employs 30 people.
Manitou Group and Lifttek began working together in 2003, before the Finnish company became its official dealer in 2012. In the interests of continuity, the three current shareholders retain a minority stake in the company, while all management and operational teams will also stay with the company. All products and services offered by Lifttek will continue to be marketed.
Mika Närhi, managing director of Lifttek, said, “We are proud to join Manitou Group. This transaction strengthens the synergies with our main supplier by bringing them the expertise and commitment of our teams and by building on their strength and stability. This opportunity will allow us to continue to grow and develop our service.”
Michel Denis, president and CEO of Manitou Group, added, “We are very excited to welcome Lifttek and all their teams into the Manitou Group family. Lifttek has a wealth of expertise, historical knowhow and extensive knowledge of its market, particularly in services. This acquisition of a majority stake is a long-term strategy that strengthens our foothold in the region and brings us closer to our clients.”