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Bolzoni snaps up German rival

Bolzoni snaps up German rival

The acquisition considerably strengthens Bolzoni’s leadership in Europe, giving it a market share of 40%, as well as boosting its position worldwide. It also makes it the biggest player in Germany – according to Bolzoni, the most important market in Europe. Meyer’s headquarters and production facilities are located in Salzgitter, near Hannover in northern Germany. It also has subsidiaries in France, the UK and Sweden, and in total employs 220 people.

The price of the transaction will be agreed in a range of €7m-€9.5m, depending on Meyer’s EBITDA to the end of 2006. Meyer had a turnover of €26.7m and an EBITDA of €1.6m in 2005. Bolzoni is financing the acquisition with funds raised through its listing in June on the STAR segment of the Borsa Italiana stock exchange.

The takeover will boost its own turnover by 30%, bringing its consolidated net sales for 2006 to over €130m, compared with €96m for 2005. In the first half of 2006 it had a consolidated turnover of €50.8m, an increase of 7.4% year-on-year. Bolzoni will include Meyer’s results in its financial reporting as of November 1, 2006.