Pinzgauer Punches Above its Weight
April 2005
Livingstone is pleased to announce the sale of Automotive Technik (Holdings) to Houston-based specialist vehicle manufacturer, Stewart & Stevenson, in a £25 million deal.
Automotive Technik manufactures the Pinzgauer, one of the most popular light utility vehicles in active service with more than 30,000 Pinzgauers currently in use by 24 defence forces around the world.
The current management acquired the rights to the Pinzgauer in 2000, following the announcement by Austrian group Steyr Daimler Puch that production of this vehicle would cease. In just five years, the team built a £30m order book and contracts to supply vehicles to the British Army and New Zealand Ministry of Defence. Now producing 30 vehicles each month, the company had raised £3m since 2002 from Close Venture Management.
Alan Stanley, Chief Executive of Automotive Technik comments: “The future direction and success of Automotive Technik - and Pinzgauer - is commercially best assured as part of a major group. The strategic fit of our operation with Stewart & Stevenson is ideal and this world-class organisation could not have proved a better home for our company.”
Jonathan Seal, Director at the Livingstone who led the negotiations to sell Automotive Technik says: “The Pinzgauer is a devastatingly effective military vehicle. In an environment where rapid deployability and versatility are of paramount importance, the Pinzgauer’s air-portability, all-terrain performance has made it the right vehicle in the right place at the right time.”
Jeremy Furniss, Partner at Livingstone had worked with Automotive Technik CEO Alan Stanley before, comments: “It is always gratifying to have a serial dealmaker such as Alan appoint us on the strength of our performance on the other side of the negotiating table.”
Speaking of Close Venture Management, who made an initial investment in the business in 2002, Jeremy says: “Their initial investment was a really risky one as they were backing a business with a small order book and no track record of manufacturing. However, they recognised the potential and have ended up with a great return on the amount invested since June 2002.”
For further information contact:
Jeremy Furniss
T: +44 20 7484 4703
E: furniss@livingstonepartners.co.uk
