Loxam announces the acquisition of the Danish equipment rental operations of Cramo
Loxam Group (“Loxam”) announces the acquisition of the Danish equipment rental operations of Cramo Plc (“Cramo”). The transaction is structured as an asset deal whereby all assets belonging to Cramo’s Equipment Rental operations in Denmark, including rental equipment, inventory, customer contracts and lease contracts for the seven branches are acquired by Loxam. Employees attached to the activity will join Loxam. In 2016, sales of the acquired perimeter amounted to DKK 149 million (EUR 20 million). Cramo will retain its existing Danish modular building rental business (‘Modular Space’).
This transaction enables Loxam to consolidate its position among the leaders in the Danish equipment rental market, where it has been present since 2007 and currently operates 24 branches.
Gérard Déprez, President of Loxam states: “I am pleased to welcome Cramo Denmark’s experienced employees into the Loxam group. Together we will join forces to provide our customers with the best possible service through an expanded network, and build a reference company in the Danish equipment rental market.”
“The decision to divest our Equipment Rental in Denmark is in line with Cramo’s new strategy Shape and Share, which aims towards a leading position in all Cramo markets. In the future, we will focus our investments on the potential in our Modular Space offering in Denmark”, says Leif Gustafsson, President and CEO of Cramo Group.
The transaction is subject to closing conditions and is expected to be completed by 31 August 2017.
Loxam is the market leader in the rental of equipment and tooling for building, public works and industry, with pro forma turnover of 1.3 billion euros in 2016 and a workforce of more than 7,300 employees. Its network of 750 branches extends across 21 countries on 4 continents: in Europe (France, Germany, United Kingdom, Ireland, Belgium, Switzerland, Spain, Portugal, Luxembourg, the Netherlands, Denmark and Norway), and also in Africa (Morocco), Latin America (Brazil and Colombia) and the Middle East (Saudi Arabia, Bahrain, Kuwait, Oman, Qatar and the United Arab Emirates).
Cramo is Europe’s second largest rental services company specialising in construction machinery and equipment rental and rental-related services as well as the rental of modular space. Cramo operates in fifteen countries and in about 324 depots. With a group staff around 2,600, Cramo’s consolidated sales in 2016 was EUR 712 million. Cramo shares are listed on Nasdaq Helsinki Ltd.