TVH buys German renter Mateco

Belgium’s TVH Group has acquired German access rental business Mateco from its private equity owner Odewald & Compagnie. The price was not disclosed.

Mateco is the largest aerial platform rental company in Germany, with a fleet of 4800 platforms, around 30 depots and 560 employees. It revenues in 2012 will be around €90 million. It operations in Poland and Luxembourg are also included in the acquisition.

TVH is best known as a supplier of parts for forklifts and other industrial equipment worldwide but in recent years has entered the powered access rental sector with its own rental business in Belgium and the 2011 acquisition of Pon’s aerial platform rental and sales businesses Gunco, HDW and Milcon. It also tried to buy Lavendon group in late 2010, but was unsuccessful.

Pascal Vanhalst, chief executive officer and board member of TVH Group, said; “We are delighted with the acquisition of mateco. It significantly strengthens our specialty rental business in selected European countries. With mateco we can double the number of units in our short-term rental fleet.

“For the future, we rely on the proven, excellent management of mateco with CEO Armin Rappen and CFO Hans-Hasso Kersten, which will assist us in the further development in the equipment rental sector.”

Mateco’s Mr Rappen welcomed the acquisition; "Supported by Odewald we have grown into a major player in our geographic markets. With TVH, we have found an ideal strategic partner with a growing, globally active group. We look forward to making a significant contribution to the continued success of TVH."

Andreas Fetting at Odewald & Compagnie, said; “We have created for the founder of Mateco not only a successful succession plan, but also, together with the new management team, through organic growth and selective buy and build strategy, to build a leading company in Germany.

“Mateco is now a very attractive platform for strategic foreign buyers to establish themselves in the German market. TVH is the ideal partner for an extension of the activities of Mateco."

Mateco was founded in 1973 and acquired by Odewald & Compagnie in 2007 as part of a succession plan.

TVH was founded in 1969 by Paul Vanhalst and Paul Thermote and is now run by the second generation of the families. It has 20000 customers in 160 countries with subsidiaries and branch offices in 22 countries and approximately 3000 employees.

In 2012 TVH Group expects total revenues of approximately €800 million, excluding Mateco.