17.02.2011

TVH takes Gunco/HDW

We can now confirm that Belgian based TVH is to acquire Dutch crane and access sales and rental operations from Pon.

While an official release has not yet been issued it has been confirmed that an agreement has been reached for Forklift replacement parts specialist TVH to acquire all or most of the PON crane and access related holdings.

We do know for certain that this will include Gunco, one of Holland’s leading access and fork truck and telehandler rental companies and HDW the Genie distributor which also handles Teupen, Isoli, and Unic Mini Cranes.

We understand that the deal is likely to be closed in the next day or two and that it will include all of the European operations including Gunco Holland, Belgium and Luxembourg, Statech in the Czech Republic, HDW and Milcon. Although it is not confirmed the US operations are expected to be retained by PON.

As soon as a more detailed release is available we will update this item. While the deal is said to be around 99 percent complete, there is of course still a remote chance that it might fall at the final hurdle.

Vertikal Comment

TVH took a run at Lavendon in December, teaming up with Ashtead last month. This deal is a far better one for TVH and a great deal more logical as its first step into big league access rental.

There have been ‘rumblings’ in Holland about discussions between the two parties for some time and one cannot help but wonder if the Lavendon adventure was not as much a negotiating sign to PON as an attempt to acquire Lavendon at the bottom of the market?

HDW and Gunco will benefit from a new owner that is committed to the industry, is family owned and that has wider aspirations. It should be a good move for the HDW/Gunco staff, while TVH gains some very well managed businesses and two very strong brand names.

We have no idea what sort of price was involved but it would seem to be a good move for all involved.