Artisan Vehicle Systems / Sandvik
California-based Artisan Vehicle Systems, engaged in electric underground mining equipment, has been acquired by Swedish Sandvik, which intends to develop and produce electric versions of its mining vehicles. Financial details have not been disclosed.
Artisan Vehicle Systems is a manufacturer of battery powered underground mining equipment. The company’s core technology is battery packs, electric motors, power electronics, software and control systems. Artisan’s underground mining loaders and trucks are designed with these high-powered, highly reliable and field proven battery electric powertrains. Artisan is the market leader with most battery electric vehicles currently operating in underground mining.
Sandvik is a high-technology engineering group in tools and tooling systems for metal cutting, equipment, tools and services for the mining and construction industries, products in advanced stainless steel and special alloys as well as products for industrial heating.
Oaklins’ team in Los Angeles advised the seller in this transaction.
Cavendish played an invaluable role throughout a complex transaction and in particular getting the transaction across the finishing line.
This deal provides an excellent platform for the Levolux business to continue its overseas expansion. As well as the compelling strategic fit, Alumasc provides an excellent home for the Levolux brand and team. We are delighted with the outcome and the support extended to us by Cavendish.
This has been a highly complex transaction involving 10 jurisdictions. Cavendish has held our hands throughout the process, providing a dedicated team who have done a superb job; this has greatly reduced interruptions to our businesses whilst adhering to the original timetable. Cavendish has achieved a very successful sale at a fair price to a buyer who will enjoy significant strategic value from the purchase.
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