08.08.2013

Ramirent quits Hungary

Finnish based international rental company Ramirent has agreed to sell its operations in Hungary to the Danube SCA Sicar, a private equity fund.

Under the agreement Ramirent is selling its entire Hungarian operation which is forecast to have revenues of around €7 million this year, with 83 employees and 13 locations. The sale price has not been disclosed and will be paid partly on an earn-out basis, dependent on the operation’ financial performance in 2013 and 2014.

The transaction will result in a non-recurring charge in Ramirent’s accounts of €2 million due to foreign exchange translation differences. Completion of the transaction is expected during the third quarter of 2013.

Ramirent chief executive Magnus Rosén said: “This divestment is in line with our aim to strengthen our strategic focus on higher growth opportunities in Ramirent’s core markets in the Baltic Sea region.”

Ramirent Hungary was established in 2003, as a greenfield entry into Hungarian market followed by the acquisition of Gepbazis in 2003 and Agentrade-Plusz in 2005, making it one of the leading equipment rental companies in Hungary.