Ramirent has agreed to sell its temporary space business to Procuritas Capital Investors VI for a fee of €53 million.
The divestment is in line with Ramirent’s strategy it announced in November last year, which focuses on capital efficient profitable growth in its core equipment rental business. On announcing its strategy, Ramirent spoke of its intentions to explore options for its temporary space business.
The company’s temporary space unit has operations in Sweden, Norway, Finland and Denmark, turning over around €30 million a year, with an EBIT of €3.5 million. The business unit offered temporary premises for accommodation, schools, health centres and office spaces. Ramirent said the business unit had strong customer relationships especially in the public sector, in real estate, and the oil and gas sector.
The transaction is expected to close at the end of 2018.
Tapio Kolunsarka, president and CEO, Ramirent, said, “We believe that this transaction will unleash the temporary space business to achieve its full potential under the ownership of Procuritas Capital Investors VI.
“Procuritas has a proven track record when it comes to taking businesses to the next level through their active ownership approach. For Ramirent, the transaction enhances our opportunities to pursue our capital efficient profitable growth strategy in the core equipment rental business.”