Ramirent acquires Stavdal
Finish international rental group Ramirent is to acquire Swedish/Norwegian rental company Stavdal, which operates from 11 cities in Sweden and the Oslo area in Norway.
The enterprise value of the deal is said to be in the region of deal is said to be in the region of €158 million. The debt-free purchase price will comprise €124 million in cash plus 5,848,341 Ramirent shares. The deal is expected to close in third quarter 2019.
In 2018, Stavdal had revenues of €79 million and an EBITDA of approximately €28 million. The company has 280 employees who will transfer to Ramirent on closing.
Chief executive Tapio Kolunsarka said:"Stavdal has an impressive track record of performance and customer intimacy and we are privileged to be able to combine forces to form the market-leading player in Sweden. The complementary strengths of our companies are undisputable. We are excited to leverage Stavdal's competence and strong position, especially in Lifts as well as in Gothenburg and Stockholm regions, to make Ramirent an even stronger company for its customers. I want to personally welcome Stavdal personnel to Ramirent. Together we can provide unbeatable service experience to all our current and future customers."
Stavdal chief executive Mikael Olsson added:"becoming a part of Ramirent means great opportunities for all parties. The companies complement each other's strengths and create new opportunities for both customers and employees. Together we will have more resources, endless competences and a fantastic range of services connected to our machines, as well as new digital services. The both companies share similar values and strongly believe in sustainable rental, which makes this a perfect match."