Ramirent sells stake in Stavdal
Ramirent, the Finnish based rental company with operations throughout Scandinavia, the Baltic states, Russia, Ukraine, Hungary and Poland has sold the 50 percent stake it held in Stavdal Lift AB, the Swedish aerial lift business that it acquired when it took over Bautas two years ago.
The purchaser was the owner of the other 50 percent of the business. Hammarvikens Industri AB. Stavdal Lift AB had sales revenues in 2003 of SEK 60 million (£4.5 million) and operated a fleet of 700 lifts. Placing it well behind Ramirents main rival in Sweden Cramo. Ramirent managers made the decision that it would be easier and better for the business long term to invest in building up its own powered access fleet. Rami is already the market leader in aerial lifts in Finland, Norway, Denmark and Poland.
Rami already own around 200 lifts in central and northern Sweden, it now plans to invest heavily in a new fleet for the South, where most of the business activity is. The company plans to build the fleet up to 700 to 800 units within the next 12 months. Ramirent’s fleet comprises UpRight, Genie, JLG and Haulotte self propelled units with Dino and Denka trailer lifts.
The Stavdal Lift business in Sweden was formed from a series of leveraged acquisitions by Norwegian based Stavdal Lift rental in the late 90’s, then in 1999 Stavdal itself was acquired by Bautas after running into financial difficulties. At that time Bautas was a subsidiary of Norway’s largest contracting company. In mid 2002 Bautas was acquired by Ramirent. Rami has found it difficult to grow the Swedish lift rental business in its current 50/50 form and decided that it need to either acquire all of the business or sell its stake and build up its own operation.
Rami has in recent months been looking to consolidate its holdings in partly owned operations. Earlier this month it increased its stake in its Latvian operation.