Loxam makes first Nordic move
19 March 2008
Loxam has made its first move into the Scandinavian rental market with the acquisition of Denmark's biggest rental company, DNE-JJ, the company formed very recently with the merger of DNE Materieludlejning and JJ Maskinudlejning. The price was not disclosed.
The deal gives Loxam the biggest rental business in Denmark. Loxam said it wanted to “ensure a strong strategic and competitive position in Scandinavia.”
DNE-JJ has 17 depots in Denmark, employs 200 people and has a rental fleet with over 15000 items. Its revenues in 2006 were DKK430m (€58m).
Loxam said the acquisition would not impact on the ongoing merger of DNE and JJ, and managers of the business will be Jens Johansen (CEO), Lars Kruse Ravnsbeck (COO), Ole Staxen (sales director) and Hanne Baunsgaard (CFO). Mr Johansen was owner and CEO of JJ and Mr Staxen was DNE's owner/CEO.
Gérard Déprez, Loxam's CEO, said; “After having consolidated its home market, Loxam has been developing a European platform, which includes the Scandinavian market. We are pleased to have found an excellent platform in Denmark, by acquiring DNE/JJ, a leading operator in the equipment rental.”
The deal will be seen in Scandinavia as extremely significant, because it is the first time that a major, general rental company has entered the markets where Cramo and Ramirent have been dominant.