CLS, a company of the TESYA Group that offers advanced sales, rental and management of vehicles for the material handling and logistics, has signed a Binding agreement to acquire all shares of the company to which Degrocar, a distributor for Italy of Mitsubishi brand forklifts, will confer the company's main assets. Following closing, to be finalized by 31 December, CLS will distribute on the market the electric, diesel and warehouse forklifts from Mitsubishi.

"This operation - explained the president and CEO of the TSYA Group, Lino Tedeschi - will guarantee us a presence and with greater growth prospects in the forklift market, which we intend to continue to scale reaching a 10% market share within the next four years years. Among the services offered by our group - announced Tedeschi - rental and innovative logistics solutions represent the businesses that show the most encouraging development forecasts. By 2025 we want to become the reference provider for intelligent intralogistics solutions, state-of-the-art and high value-added in Western Europe'.

"This operation - said the president and CEO of Degrocar, Giuliano De Grossoli - born in the name of great empathy that was immediately created with the top management of CLS, in particular, with President Lino Tedeschi. In the name of This assumption is that Degrocar's current shareholding structure, composed of by myself and Mrs. Waida Nogarole, has progressively convinced that the transaction will be completed, and expresses, therefore, great satisfaction for the contribution that the TESYA group has made will certainly bring in terms of further development of the excellent performance achieved by Degrocar in recent years social issues'. Degrocar closed 2022 with a turnover of 52 million euros, while in the same year, the volume of CLS's turnover was €116 million.

De Grossoli will hold the position of director delegate of the company that will be born and that will be acquired by CLS.

In the transaction, Degrocar's shareholders were assisted by the Casa&Associati law firm in Vicenza with a team composed of partner Paolo Menarin and lawyers Michele Pertile and Davide Mazzucato, for the corporate and tax part by Claudio's firm Casarotto, accountant-statutory auditor in Vicenza, and for the financial advisory activities from 110 Advisory Srl to Padova, by Andrea Trolese (partner). CLS has been assisted for the legal activity by a team of lawyers from Orrick Italia composed of Guido Testa (Partner) and Emanuela (Special Counsel) Longo and associate Marta Cubisino.