Loxam has completed the acquisition of Spanish rental company Hune. The two announced in November last year that they were in exclusive takeover negotiations. The price has not been disclosed.
Hune will add around 35 branches to Loxam’s existing business in Spain as well as eight other locations in Portugal and at joint ventures in Saudi Arabia and Colombia. Hune reported revenues of €67 million in 2015.
The deal comes just weeks after Loxam looked to have won the battle with TVH to acquire Lavendon Group, Europe’s largest aerial platform business.
Loxam is completing the acquisition of Hune just as the Spanish rental market is showing a sustained recovery following eight or nine years of recession.
Gérard Déprez, Chairman and CEO of Loxam, said; “I am very pleased to announce the completion of the acquisition of Hune, which will allow Loxam to reinforce its presence and to operate a national branch network in Spain”.
Luis Ángel Salas, CEO of Hune, said: “I am very satisfied with the closing of this transaction that reinforces and widens the company's growth strategy, which will undoubtedly benefit from the global growth prospects of the Loxam Group”.
Loxam’s revenues in 2015 were €897 and it has 650 branches in 11 countries in Europe (France, Germany, the United Kingdom, Ireland, Belgium, Switzerland, Spain, Luxemburg, the Netherlands, Denmark and Norway) as well as in Morocco and Brazil.