15 April 2008
Advent International purchased 80% of Euroloc in July 2006 and the new owner said Spain's highly fragmented rental market made it ripe for consolidation. The acquisition did not include the MAI scaffolding business which is remaining under the ownership of Eurloc's former shareholders.
Advent has also bolstered Euroloc's management team. Emilio Cebamanos, ex-chief executive of Spanish construction company FCC, becomes non-executive chairman, and Miguel del Campo, a former chief executive officer of Lafarge in Spain, joins as a non-executive director.
“We believe Euroloc is very well placed to take advantage of the significant domestic market opportunities, given its leading position in the industry and broad national coverage,” said Luis Camilleri, a director at Advent.
Advent, which manages €8 billion of funds globally, said Spain's equipment rental market is currently worth €2,2 billion annually and has grown at a compound annual rate of 15% over the past four years.