06.12.2012

Cramo agrees two acquisitions

Finnish international rental company Cramo has agreed to acquire the assets of two Norwegian rental companies – Lambertsson and Kranpunkten – as well as strengthening its cooperation with Lambertsson's owner Peab, one of the Nordic region’s leading construction and civil engineering companies.

The acquisitions – due to complete during the first quarter 2013 - include the rental fleet, existing customer contacts and the leasehold of premises in Lillestrøm near Oslo.

The combined annual sales of the acquired operations is 130 million NOK (€17.7 million). Lambertsson has 30 employees, while Kranpunkten has seven employees in Norway. All are being offered permanent employment with Cramo.

Lambertsson is Norway’s fifth largest equipment rental business focussing on site huts, tools and equipment for temporary electrical installations.

Kranpunkten is a leading access equipment rental company with a fleet of around 2,200 machines which also includes mini cranes, hoists, telehandlers and mastclimbers. Both companies supply a substantial amount to Peab, as well as other Norwegian construction companies.

"Both businesses fit perfectly in Cramo's strategy for continued growth in Norway,” said Bent Nygren, managing director of Cramo AS. "Cramo operates in the same industry so we are already familiar with both the range of products and services and most of their customers. Both Lambertsson and Kranpunkten have a large capacity and expertise in the areas of site huts, tools, lifts and temporary installations which will contribute to strengthening further Cramo’s offering. "

In addition to the acquisition, Cramo and Peab - the present owner of Lambertsson - have also signed a long-term Norwegian and Nordic cooperation agreement.

"For Peab the agreement is a strategic outsourcing of our fleet of equipment. We see that Cramo is the player who has the best position to meet Peab Norway's future needs in Norway,” said Petter Moe, managing director at Peab Norge.

"Peab is much respected player in the Norwegian market, so it is obvious that this agreement is of great importance to us", added Nygren.