Finnish rental company Ramirent has signed an agreement to acquire general equipment rental company Stavdal for approximately €158 million (US$178 million).
Stavdal operates in 11 cities across Sweden and also has a presence in Norway. It currently employs over 250 members of staff and its rental offering includes heavy and light machinery, lifts, modules, and scaffolding. In 2018 the company had a revenue of €79 million (US$89 million) and an adjusted EBITDA of approximately €28 million (US$31 million).
Ramirents said the acquisition of Stavdal was in-line with its growth strategy and that it would strengthen its position in the Swedish rental market.
Stavdal’s founder, Mats Rydhede, will likely be elected as a member of Ramirent’s Board of Directors after the acquisition, said Ramirent.
Tapio Kolunsarka, president and CEO of Ramirent, said, “Stavdal has an impressive track record of performance and customer intimacy and we are privileged to be able to combine forces to form the market-leading player in Sweden.”
He added, “We are excited to leverage Stavdal’s competence and strong position, especially in lifts as well as in Gothenburg and Stockholm regions”
The company said the debt-free purchase price would be settled with a cash consideration of €124 million (US$139 million) and a transfer of 5,85 million Ramirent shares to the current owners of Stavdal.
CEO of Stavdal, Mikael Olsson, said, “The companies complement each other’s strengths and create new opportunities for both customers and employees.” He added, “Together we will have more resources, endless competences and a fantastic range of services connected to our machines, as well as new digital services.”
The acquisition is expected to be completed by the end of autumn 2019.