05.09.2005

Rami buy in Hungary

Ramirent, the publicly quoted Finnish based rental company, which vies with Cramo for market leadership in Scandinavia and operates one of Europe’s largest access rental fleets, has purchased, Agentrade, one of Hungary’s largest rental companies.

When combined with its existing Rami Hungarian operations, the purchase makes Rami the market leader in the fast growing Hungarian rental sector.


Agentrade started up in the rental business in 1991 and claims to be the leading company in equipment rentals to the construction industry in Hungary. The company has 18 outlets across Hungary employing 88 staff with net sales of around €6.3 million in 2004. Agentrade is a classic general rental /tool hire business, which includes scaffold, hoists and material lifts.

The transaction is an all share deal, with 168,903 new shares in Ramirent being issued to the current owners of Agentrade. At last weeks closing price this values the acquisition at €3.25 million. The new issue will also raise Ramirents share capital by €72,628.

Half of the new shares will be locked in for a period of 24 months
starting from the closing date, the “locked” shares may be released for sale under specific conditions, the details of which have not been released.

Ramirent Hungary will be merged with Agentrade and its management
team will remain in the expanded company.