2017/03/31
BDA advises Terex on sale of its Indian compact construction equipment business to Manitou

Divested Indian compact construction equipment business to Manitou
2017
BDA Partners is pleased to announce that its client, Terex Corporation (“Terex”), a leading global manufacturer of lifting & material processing products and services, has agreed to sell its compact construction equipment (“CCE”) business in India (“TEPL”), to Manitou BF (“Manitou”), a French manufacturer of all-terrain material handling equipment. The Indian business manufactures and sells backhoe loaders & skid steer loaders. BDA acted as exclusive financial advisor to Terex.
The transaction follows the divestiture of Terex’s UK CCE business to Groupe Mecalac, a leading French manufacturer of urban construction equipment, and Terex’s German CCE business to Yanmar, a leading Japanese manufacturer of diesel engines. BDA advised Terex on all three transactions. These divestitures were driven by Terex’s strategy to focus on product categories where Terex has a significant presence and that can provide the best returns for its shareholders.
The sale, which is subject to customary closing conditions, is targeted to close in H1 2017.
John Garrison, Terex President & CEO, said, “We are pleased to enter into this agreement with Manitou. Manitou is a strong strategic buyer with the resources and desire to further grow the business as an industrial base for Asia and emerging markets. For Terex, the sale of TEPL represents the disposition of the last significant asset held for sale in Terex’s former Construction segment.”
Michel Denis, Manitou President & CEO, said, “This acquisition perfectly fits our strategy to reinforce our presence on emerging markets. Founded in 2003, TEPL has a solid dealer network which we will continue to further develop. TEPL produces high-quality products with a very efficient spare parts & service organization, and will be a strong industrial base for Manitou to develop new product ranges for Asia.”
"We're proud to have advised on a third transaction for Terex. BDA was able to identify and engage an excellent strategic buyer in Manitou, which brings resources to further grow the business, while benefitting from TEPL's complementary product line and geographic reach."
About Terex
Terex Corporation is a global manufacturer of lifting & material processing products and services that deliver lifecycle solutions to maximize customer ROI. Terex reports in three business segments: Aerial Work Platforms, Cranes, and Materials Processing. Terex delivers solutions to industries including construction, infrastructure, manufacturing, shipping, transportation, refining, energy, utility, quarrying and mining. Terex offers financial products and services to assist in the acquisition of Terex equipment through Terex Financial Services. www.terex.com
About Manitou
Manitou BF SA, designs, manufactures, distributes, and services all-terrain material handling and compact equipment worldwide. It operates through three divisions: Material Handling and Access Product (MHA), Compact Equipment Products (CEP), and Services & Solutions (S&S). MHA designs, assembles, and distributes high tonnage telehandlers, and aerial work platforms for use in construction, agricultural, mining, and environmental. CEP offers compact handling equipment, including skid steer loaders, track and articulated loaders, and telehandlers, as well as compact excavators under the Gehl and Mustang brands for the construction, agricultural, and industrial sectors. S&S provides financing, warranty contracts, maintenance and full service contracts, fleet management services, geo-localization and advisory services. www.manitou.com
About BDA
BDA Partners is a leader in cross-border investment banking involving Asia. BDA advises on M&A, capital raising, and restructuring. BDA has been consistently owned and managed by the same team since 1996. BDA has a track record of providing independent advice to blue-chip corporate and financial sponsor clients from North America, Europe, and Asia. BDA is headquartered in New York with offices in London, Dubai, Mumbai, Ho Chi Minh City, Singapore, Hong Kong, Shanghai, Seoul, and Tokyo. BDA formed a partnership with William Blair & Company in 2011. www.bdapartners.com
BDA carries out its US securities business through BDA Advisors Inc, a broker-dealer registered with the US Securities and Exchange Commission (SEC) and a member of FINRA and SIPC. BDA’s UK subsidiary is authorised and regulated by the Financial Conduct Authority. BDA’s HK subsidiary is licensed and regulated by the Securities & Futures Commission.
Recent transactions
Sold Compart Systems to Shanghai Wanye Enterprises
2020
Acquired EMC Holdings from Affirma Capital
2020
Established JV with Superior Essex
2020
Divested ThiPha Cable and Dovina to Stark Corporation
2020
Divested Nagano Industry to JAFCO
2019
Divested Nippon Oil Pump to CITIC Capital
2018
Divested Parador to HIL Limited
2018
Divested its 49% stake in Mitsubishi Motors Philippines
2018
Divested 80% stake to JKL Partners
2018
Divested Model Solution to Hankook Tire
2018
Acquired roller coaster manufacturer, Vekoma Rides
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Divested MFS Technology to DCP Capital
2018
Divested shares of Taiheiyo Seiki Holding to TKY
2017
Acquired 75% of Zhejiang Maximal Forklift Truck, China
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Issued equity to China National Heavy Duty/Sinotruk
2017
Divested China foodservice business to Huhtamaki
2017
Divested UK compact construction equipment business to Groupe Mecalac
2016
Divested Facade Access Holdings to Alimak Group
2016
Divested King Koil China to Advent International
2016
Acquired Graphic Controls, USA
2016