Ratos's holding Alimak Hek has acquired Conrent's rental assets in Australia from Coates Hire Limited. The acquisition makes Alimak Hek the leader in the hoist and mast climbing work platform market in Australia.
"Growth in rental business is a key objective in our global strategy and since Australia is targeted as an important growth market this is an excellent opportunity to grow our business profitably", says Alimak Hek Group's President and CEO, Petter Arvidson.
The Alimak Hek Group is a global, leading supplier of mast climbing equipment and added value services for both temporary and permanent installations providing vertical access solutions, for sale and rental, for people and materials in the construction and general industry. The world wide revenues 2005 pro forma was approximately USD 181m, with some 750 employees. Alimak Hek is owned jointly (50/50) by Ratos and 3i.
Conrent, a leading rental fleet operator, rents and installs man and materials hoists and mast climbing work platform to the construction and industrial sectors, operating from New South Wales, Victoria, Queensland and South Australia. The acquired business generated sales of about AUD 15m (approx. USD 11.2m) in 2005 and employs about 50 people.
The asset deal, in which the proceeds paid by Alimak Hek amounts to AUD 16.4m (approx. USD 12.3m), includes acquisition of the rental assets, ongoing contracts, open order backlog, workshop related inventory and equipment as well as the Conrent brand and the staff associated with sales, erection and dismantling and service. The deal does not require any further funding from Alimak Hek's owners.
"Australia is an important growth market for the Alimak Hek Group. Through this acquisition we reinforce Alimak Hek's position as the world leading supplier of mast climbing equipment, says Leif Johansson, Senior Investment Manager at Ratos and director of Alimak Hek.
For further information, please contact:
Leif Johansson, Senior Investment Manager Ratos, +46 70 520 40 25
Petter Arvidson, CEO Alimak Hek, +46 70 590 59 31
Anna-Karin Celsing, Head of Corporate Communications Ratos, +46 70 399 62 39