07.07.2014

Loxam acquires WorkX

French international rental company Loxam has acquired Dutch rental company WorkX from Amsterdam based H2 Equity Partners.

Workx was formed at the end of 2007 following H2 Equity’s buy in to the Jaston Groep in May of that year. Jaston was used to acquire PR Verhuur, Cramo NL, AA Verhuurcentrale, Steimach, Amarent, HuurCenter, Bollen Verhuur, Roos Verhuur, Jaston Steigerbouw, DSS, Dokter Steigerbouw and Hi-Reach, wiht all of the companies being rolled into WorkX, for the start of 2008.

Today the company has 41 branches, 280 employees and revenues of €35 million.

Loxam which has annual revenues of €805 million, already has a substantial business in the Netherlands, having acquired Spreeuwenberg in 2006, adding Stammis Verhuur in 2011. It currently operates from 12 locations.

Financial details of the deal have yet to be disclosed,

Loxam chairman Gérard Déprez said: “I am satisfied to announce the acquisition of Workx, one of the leaders in construction machines rental in the Netherlands. This acquisition allows Loxam to strengthen its leadership and market share in the Netherlands, and to bolster its international development in markets where it already operates. I am also glad to welcome Workx’s team into the Loxam Group. Thanks to Workx’s management, they will contribute to the group’s development.”

WorkX managing director Marcel Van Kesteren added: “I am very proud that the company we have developed over the past six years will join forces with the European Leader. The Loxam group’s expertise will enable WorkX to continue growing on the Dutch market. Our customers will notice that our service level, which is already excellent, shall only further improve. I am also convinced that this operation will give our teams new opportunities.”

Vertikal Comment

We understand that this deal was first discussed as long ago as 2011, it gives Loxam a massive ‘leg up’ in the Dutch market reinforcing the region as its largest outside of France. It also takes the group clear of other international rental companies in terms of size and market coverage. It is also buying the business on the upward start of a new economic cycle.

This should also be a good deal for H2 Equity cashing in its investment almost six years after it bought into the business and following a couple of shaky years for the Dutch rental market.

It is likely to create a stronger competitor in the access market, as Loxam looks to exploit the WorkX network for its access fleet, and is likely to offer some interesting opportunities for low level powered access, which Loxam has been trialling.

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