France-based rental company Loxam has acquired Dutch rental company Workx from its private equity backers H2 Equity Partners.
Workx was established in 2007 through the consolidation of 14 rental companies, creating one of the leading equipment rental operations in the Netherlands. The company has a network of 41 branches, employs 280 and recorded 2013 revenues of €34 million.
Loxam has been present in the Netherlands since its acquisition of powered access rental company Spreeuwenberg in 2006. Since then, the group has also developed a general plant and a power rental network through the opening of branches and the acquisition in 2011 of Stammis Verhuur.
Loxam said the acquisition of Workx enabled it to reinforce its position in general equipmnent rental, offering customers national coverage in the Dutch market.
Strengthening market share
Loxam chairman Gérard Déprez said, “This acquisition allows Loxam to strengthen its leadership and market share in the Netherlands, and to bolster its international development in markets where it already operates. I am also glad to welcome Workx’s teams into the Loxam Group. Thanks to Workx’s management, they will contribute to the Group’s development.”
Workx managing director Marcel Van Kesteren said he was proud that the company would join forces with the European leader.
“The Loxam group’s expertise will enable Workx to continue growing on the Dutch market. Our customers will notice that our service level, which is already excellent, shall only further improve. I am also convinced that this operation will give our teams new opportunities,” Mr Van Kesteren added.
Loxam is the largest rental company in Europe by rental revenues, ranking number 1 in this year’s ERN50 listing of the largest 50 rental companies in Europe, based on revenues for 2013.
The company also won the Rental Company of the Year award (turnover above €15 million) at this year’s European Rental Awards on 25 June.