Ramirent is exiting the Danish market with the sale of its business to G.S.V. Materieludlejning A/S for €33 million. The sale is expected to be completed at the beginning of 2019.
Ramirent Denmark reported revenues of €41 million in 2017 and was Ramirent’s second smallest segment after the Baltics, representing around 5% of group sales.
Tapio Kolunsarka, President and CEO of Ramirent, said; “I am confident that our Danish team, that has made a respectable turnaround in profitability in recent years, will find a good, long-term home as part of G.S.V. At the same time Ramirent can focus on its strategy to seek profitable growth capital-efficiently in its core equipment rental business”.
The deal reinforces G.S.V.’s. status as the largest equipment rental business in Denmark, with 16 locations and revenues of €113 million in 2017, with EBITDA profits of €37 million. It is headquartered in Hedehusene, west of Copenhagen.
Dan O. Vorsholt, CEO of G.S.V., said; ”G.S.V. has grown significantly over recent years and by acquiring Ramirent in Denmark we continue to increase our relevance to customers and further strengthen our business.
”We look forward welcoming the Ramirent employees into the G.S.V. family”. Ramirent employed 130 staff in Denmark.
After the divestment, Ramirent has four segments and operates in Sweden, Finland, Norway, Estonia, Latvia, Lithuania, Poland, Czech Republic and Slovakia. It is also active in Russia and Ukraine through Fortrent, its 50/50 joint venture with Cramo.
The sale of the Danish business follows the divestment in July this year of its temporary accommodation business to Procuritas Capital Investors VI for €53 million.