French rental company Loxam has announced the acquisition of Italian powered access equipment rental company Nacanco for an undisclosed fee.
Nacanco – which is owned by the Giusto family – was founded in 2001 and operates 14 locations across its home country. The company has 2,300 aerial working platforms (AWPs) and 230 telehandlers in its fleet.
Nacanco generated revenues of €27 million in 2016.
Loxam’s latest acquisition marks its entrance into the Italian market, now boasting a strong presence in western Europe after deals earlier this year to acquire UK-based Lavendon Group and Spain’s Hune.
IRN’s sister publication Access International (AI), ranked Nacanco as the 22nd largest access rental company in Europe in 2016, and number two in Italy behind Venpa3.
Gérard Déprez, president of Loxam, said, “We are delighted by the forthcoming acquisition of Nacanco, which completes our footprint in Western Europe.
“Nacanco is a well-established player which has contributed to the development of the Italian equipment rental market, thanks to an ambitious growth strategy. We look forward to working with its management team and employees.”
Meanwhile, Marzia Giusto, general manager of Nacanco, added, “Since its foundation 16 years ago, Nacanco has built a leading franchise on the powered access rental market, thanks to the commitment of its shareholders and its staff.
“This transaction marks the beginning of a new development phase for Nacanco. I am confident that our integration within the Loxam Group will enhance our capacity to consolidate and develop our market position.”
The Giusto family, founding shareholder of Nacanco, will remain a 20% shareholder in the company and will continue to support the future development of Nacanco, alongside Loxam.
The completion of the transaction, which is subject to the satisfaction of certain conditions, is expected to take place before the end of the year.