Stork, which is part of US-based global construction contractor Fluor’s Diversified Services segment, is set to sell its Dutch equipment rental business EQIN to private equity buyer VE Partners for an undisclosed amount.
EQIN rents temporary air, light, power, tool and welding equipment in the Netherlands, Belgium and Germany, through a network of 11 depots.
The transaction, which is pending final approval by the Dutch Authority for Consumers and Markets (ACM), was said to be in line with Fluor’s earlier announced plans to divest its construction rental business AMECO, which is progressing as planned.
Besides AMECO, EQIN is Fluor’s only other interest in rental.
The new company would continue to operate as EQIN.
Taco de Haan, President of Stork, said, “The intended sale is a positive step for both Stork and EQIN.
“It will allow both companies to focus on their core businesses while continuing to collaborate and work together to serve our mutual clients, and at the same time, providing Stork with greater operational efficiency going forward.”