25.09.2014

Hiab sells Middle East distribution business

Loader crane manufacturer Hiab has sold its distribution business - Hiab Middle East LLC to Gavelås Förvaltning AB and Swedish private equity firm Profura.

It has also signed a long-term distribution agreement/partnership for North and East Africa and the Middle East. Hiab Middle East was established in 2007 and employs 19, it claims to be the market leader in the UAE loader crane market with a 45 percent share. No financial details of the agreement - which happened yesterday - have been disclosed.

Managing director of Gavelås Förvaltning Greger Jacobson has worked for Hiab for 10 years and been responsible for Hiab sales in the Middle East region since 2006. He owns a majority stake in the business, while Profura has a 49 percent holding.

Carl Gustaf Göransson, Hiab senior vice president, sales and markets said: "By developing a long-term relationship with committed and experienced partners Hiab is able to grow its presence and customer service in an important market. Partnering with strong distributor partners in key markets is one of the corner stones in growing our business successfully."

"I'm really looking forward to this opportunity as well as working with the dedicated and skilled team that we have in Middle East. We will further strengthen our local presence and are dedicated to continue the growth of the Hiab business in the area, providing excellent service and support to our customers and partners", added Jacobson.