GAM and Euroloc Buying In Spain

20 March 2008

GAM's David Muntanola.

GAM's David Muntanola.

GAM's purchase of Vilatel, expected to close in two or three months, will double its fleet to around 8000 aerial platforms and propel it into the ‘major league’ of aerial platform owners worldwide. The deal adds the 15 depots of Vilatel, which is based in Vila–seca, and will boost GAM's annual turnover in 2007 to around €300 million.

David Muntanola, GAM's commercial director, said it would retain Vilatel's existing management – José María Marsal, Vilatel's managing director and owner, will become a shareholder of GAM – and was still to decide on whether to retain the Vilatel brand.

The price is likely to be an unspecified cash payment plus 2.26 million new GAM shares. GAM floated on the Madrid stock exchange last year, and its shares currently trade at around €24.

Meanwhile, Euroloc's acquisition of Nacanco's operations and assets in Spain added 2600 access platforms to its fleet of around 500 machines. The purchase should add around €43 million to Euroloc's forecasted revenues of €125 million for 2007. The purchase price was not disclosed.

Nacanco's Italian operation – three depots and 1000 platforms – was not in the deal and will continue to be owned and run by the Giusto family. Pedro Torres, managing director of Nacanco in Spain, will remain as managing director of the business, which Euroloc will run as its specialist access division under its current name.

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