ITALIAN loader crane manufacturer Autogru PM has been sold by the Boni family to B&S Private Equity, a Milan-based finance house, in what is effectively a management buy-in.
The company said there was no change to the commercial or manufacturing operations of the business, just a change of owners.
B&S has taken 100% of the share capital for E40m. PM, based in Modena, had a 2001 turnover of E49m and earnings before interest and taxation (Ebit) of E4m.
The new management team is headed by 36 year old managing director Marco Milesi, who has bought a minority share of the company. Milesi previously worked for Dow Chemical and was a director of tool manufacturer Beta Utensili.
PM says that it has grown about 10% a year in the last 10 years. It claims to have 20% of the Italian domestic loader crane market, putting itself in second place behind Fassi.
Milesi said: ‘Our objective is to increase and to manage PM’s trend of growth in order to strengthen our position in the different markets. Getting new shares of the market and a most wide range of product will play a relevant role in our strategy.’
On its website B&S says that it ‘arranges both management buy-outs and buy-ins, to assist experienced executives who are eager to become entrepreneurs’.
The deal was financed by Banca Popolare dell’Emilia Romagna and Banca Mediocredito.
