Haulotte has sold its Italian rental subsidiary No.Ve. srl (Nove) to Loxam for an undisclosed sum.
Power access specialist Nove has been owned by Haulotte since 2006. Founded in 1998, it is headquartered in Rome and operates from six locations with 45 employees.
Alexandre Saubot, Deputy CEO of Haulotte, said; “The divestment of Nove is in line with Haulotte strategic targets and will allow the Group to focus on its core business in Europe. With this operation, Haulotte reinforces the close relationship built since several years with Loxam.”
For Loxam the deal adds to the Nacanco business it acquired last year. Gérard Déprez, President of Loxam, said; “I am delighted to welcome the skilled and experienced Nove team into the Loxam group.
“Nove is a long-established player in Italy and operates an equipment range very well known to the Loxam Group and we will be able to share our mutual expertise. We will join forces to provide our customers with the best service through an expanded network, and build a reference company in the Italian equipment rental market.”
Haulotte owns several rental businesses around the world, with total rental revenues of €28.6 million last year, equivalent to 5.6% of total revenues. It said that it owns rental businesses for two reasons: to help develop new markets and to understand better the needs of eqyuiuipment buyers.