Boom Logistics acquires again and doubles revenue and profit

25 April 2008

Australian crane rental company Aitkin Cranes is the latest business to be acquired by Boom Logistics. Ownership of Aitkin transferred to Boom on 1 August. The price was undisclosed. It is Boom's sixteenth acquisition in the last six years.

Aitkin, which has been in business for 55 years, operates a dry hire fleet of 70 cranes consisting of Tadano all terrain and truck mounted units, city cranes from Tadano and Kobelco, several Franna cranes and a selection of crawlers from Hitachi, IHI and Sumitomo.

Kerry O'Brien, general manager of Aitkin Cranes, said, “We wish to assure all our customers the management of Boom Logistics is committed to ensuring Aitkin Cranes continues to provide the service and commitment that our customers have been accustomed to in the past. From our perspective business will carry forward as usual. Customers will continue to liase with the same staff at Aitkin and the fleet of equipment will only expand and grow further.”

•Boom has also reported a 92% rise in revenue for 2005 over 2004 to AUS$254 million (US$193 million). Net profits jumped 111% to AUS$33.1 million ($25 million).

Rod Harmon, Boom CEO, forecast that, “The acquisition of the James Group businesses adds additional annual revenue at the rate of $44 million per annum”.

Harmon added that underlying internal growth (an increase in existing business activity) was at a rate of 13% and acquisitions in 2005 including Sherrin Hire and Camilleri Industries had “added large additional revenue streams.”

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