Cramo buys Stavdal and Tidermans

23 June 2011

Cramo has acquired two well-known rental companies in Norway and Sweden: the Norwegian firm Stavdal Utleiesenter and Sweden's Tidermans Hyrmaskinerm, including sister company Tidermans Hyrmec. The purchase prices have not been disclosed.

Stavdal is an Oslo-based company with 25 employees and revenues last year of €7.3 million. The two Tidermans businesses have combined revenues of around €14.2 million.

The acquisitions confirm that Cramo has entered an acquisitive phase in its development following the financial crisis. In January it acquired German rental company Theisen Baumaschinen.

Stavdal will operate as a separate company within Cramo, with Knut Onstad, a part owner of the business, continuing as general manager of its four depots in Oslo, Rygge, Lillestrøm and Jessheim. The company's founder and chairman, Leif Stavdal, will continue as a consultant to Cramo.

Finn Løkken, senior vice president of Cramo Norway, said Stavdal was an interesting opportunity for several reasons; "The company has a solid portfolio of small and medium-sized customers. Moreover, it is well established in the Oslo region which is highly important to us. Stavdal also has complementing expertise and capabilities related to our business".

The Tidermans business employs 63 people and is one of the largest rental companies in western Sweden, with four depots in Gothenburg and one in Falkenberg. Tidermans has been renting equipment in Sweden for more than 60 years.

All the previous owners of Tidermans will stay in leading positions at Cramo after the acquisition, said Cramo.

"This acquisition is an important part of our strategy to be a leading player in all metropolitan areas of our home markets", said Cramo Group's CEO Mr Vesa Koivula.

One of the previous owners of Tidermans, Mr Johan Ehk, said; "After many successful years as a strong and independent regional player we see that it will improve our future expansion to be part of a larger group. Since we complement each other geographically and have similar ways of looking at customer service, Cramo is an ideal owner".

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