THE TAYLOR GROUP HAS ACQUIRED THE CONTROLLING SHARES OF CVS FERRARI
Birmingham, Michigan – February 5, 2024 – Angle Advisors is pleased to announce The Taylor Group of Louisville, Mississippi has acquired eighty-five percent of the shares of CVS Ferrari (“CVS”) from NEIP III and BP. Angle Advisors acted as the exclusive investment banking advisor to The Taylor Group (“Taylor”) in completing the transaction.
Founded in 1973, CVS is an established manufacturer of high-quality mobile container and heavy cargo handling equipment in reach stackers and high-capacity forklifts. CVS is an industry leader in providing digital integration as well as electric and hybrid solutions. The Company offers patented energy recovery and regeneration systems, achieving environmental sustainability with the lowest possible footprint.
CVS has experienced exceptional recent growth, tripling revenue since 2020, primarily driven by new product introduction and broader market reach. With operations across two Italian plants, Roveleto di Cadeo (PC) and Sorbolo (PR), CVS currently employs 120 people with an annual volume capacity of approximately 200 units.
BP, formerly Battioni & Pagani, a renowned name in the Italian material handling and side loaders industry since 1959, is privately owned by the Pagani family and will be retaining a 10% share in CVS while SDB, a company owned by the Director of Sales and Marketing at CVS, Mr. Davide Bertozzi, will be retaining a 5% share in the Company.
The new Taylor-CVS board will include Robert Taylor, President and COO of Taylor, who will serve as President of CVS, Davis Taylor, Director of Sudden Service, Inc. (Taylor), Hal Nowell, Director of Sales (Taylor), Davide Bertozzi, Director of Sales and Marketing (CVS), and current board member Federico Zanotti (CVS), who will serve as Managing Director.
"I am delighted to welcome CVS to The Taylor Group of Companies family," commented Robert Taylor. "With this international investment, The Taylor Group is committed to becoming a truly global player by opening new markets and combining the strengths of both organizations, which complement each other well. We see tremendous opportunities for growth in market access, new products, lower cost, and enhancing service and support.”
Robert added, “It has been a great experience with Angle on our first international acquisition. Their vast experience has guided Taylor through to a successful conclusion. We thank them for their experience and guidance through this process. We look to a bright future with CVS Ferrari.”
Federico Zanotti noted, "CVS has finally been guided to an industrial investor that can provide long-term stability and adequate resources to further enhance company development. In combination with The Taylor Group, CVS will boost its capabilities in after-market support and broaden product offering, as well as further increase production volumes at the Cadeo and Sorbolo plants. The current management will stay onboard to signal continuity and commitment to the company's future.”
"It has been a prodigious ride since our investment in CVS back in 2016,” said Nicola Bordignon, Managing Partner of ITAGO. “We had a strong investment thesis in CVS based on the focalization of the Company on high quality, demanding product segments and on the development of, at the time futuristic, increasingly demanded revolutionary electric powered and energy recovering machines. The market clearly proved us right, as we hand a solid and growing business over to The Taylor Group.”
The Taylor Group is a large group of companies ranging in goods and services from material handling equipment and container handlers to generators to construction equipment to parts and service centers and fleet management. The mission of the Taylor Group has been to provide customers with the highest quality products worldwide and back them up with the most responsive after-market service organization available. Founded in 1927, Taylor is one of the world's largest, privately owned American manufacturers of heavy industrial lift equipment, intermodal, and construction industry equipment. Additional information about The Taylor Group is available on the Company’s website at www.ttgcompanies.com.
NEIP III is an investment company managed by ITAGO, having interests in several medium-sized specialized Italian industrial businesses with significant growth potential. As result of the transaction, NEIP III is completely exiting its participation in CVS. For more information, visit www.itagopartners.it.
Angle Advisors, with offices in the United States, Germany, and China, specializes in mergers and acquisitions and capital raising. The firm’s professionals have completed 295 transactions since 2009 for multinational corporations, privately held companies, private equity funds, and public sector clients. For additional information, please visit www.angleadvisors.com.