Pinzgauer punches above its weight

  • abr. 2007

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”.

Jeremy Furniss, Partner
Tel: 020 7484 4703
Email: jfurniss@livingstonepartners.co.uk


Jonathan Seal, Director

Tel: 020 7484 4713
Email: jseal@livingstonepartners.co.uk


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