LiftOne, Briggs Acquire Hyster

LiftOne, Briggs Acquire Hyster

 

 

LiftOne, has executed a letter of interest to acquire a portion of Barloworld Handling’s assets relating to Hyster lift trucks. Briggs International, Inc. says its subsidiary, Briggs Equipment, also has executed a letter of interest to acquire a portion of Barloworld Handling’s assets.

LiftOne will be appointed by Hyster Co. for the sales and service of Hyster lift trucks in a portion of Barloworld’s territory. LiftOne and Barloworld are now commencing a due diligence process as they move to finalize this transaction with a target closing date at the end of the first quarter. Hyster Co. will appoint Briggs as an authorized dealer for the sales and service of Hyster brand lift trucks in a portion of Barloworld’s territory. Barloworld Handling has accepted Briggs’ letter of interest. Briggs is conducting due diligence of Barloworld’s U.S. materials handling operations. Completing the transaction is subject to execution of a definitive and binding agreement.

Once complete, this transaction will position LiftOne as one of the largest Hyster dealers in the United States, with responsibility for portions of Alabama, Georgia, Tennessee, Virginia, North Carolina, and South Carolina. LiftOne will operate Barloworld branch locations in these States, including the Barloworld Headquarters in Charlotte, N.C., serving customer needs for Hyster product sales, rental equipment, parts, and service.

Once completed, the Briggs transaction will position it as one of the largest Hyster dealers in the United States, with responsibility for a large portion of the southern United States. Briggs will sell and service Hyster brand lift trucks in Florida, Arkansas and Atlanta, and portions of North Carolina, South Carolina, Georgia, Alabama, Mississippi, and Tennessee. Briggs will assume dealer responsibilities in these territories.