All assets belonging to Cramo’s equipment rental operations in Denmark, including rental equipment, inventory, customer contracts and depot leases, are included in the €25m (£21.9m) deal. Employees in the divested part of operations are being offered new employment with the Loxam. Currently, Cramo has 80 employees and seven depots in Denmark within its equipment rental operations. In 2016, sales by the business amounted to DKK149m (£23.5m).
The move is in line with Cramo’s strategy to strengthen its position in markets where it sees itself as having a market-leading potential, in particular rental of modular buildings. “In the future, we will focus our investments on the potential in our Modular Space offering in Denmark,” said Leif Gustafsson, president and CEO of Cramo Group.
The transaction is subject to closing conditions and is expected to be completed by the end of August.
Loxam views the transaction as enabling it to consolidate its position among the leaders in the Danish equipment rental market, where it has been present since 2007 and currently operates 24 branches.