26.09.2017

Loxam moves into Italy with Nacanco

Loxam is to acquire an 80 percent stake in Italian powered access rental company Nacanco from the Giusto family, which retains a 20 percent holding while continuing to support the development of the business.

Nacanco was established in 2001 and had revenues last year of around €27 million, and operates from 14 locations in the northern and central Italy. Financial details of the transaction have not yet been disclosed. The deal is subject to regulatory approval, but is expected to close by the end of the year.

Loxam president Gérard Déprez said: “We are delighted by the forthcoming acquisition of Nacanco, which completes our footprint in Western Europe. Nacanco is a well-established player which has contributed to the development of the Italian equipment rental market, thanks to an ambitious growth strategy. We look forward to working with its management team and employees.”

Nacanco general manager Marzia Giusto added: “Since its foundation 16 years ago Nacanco has built a leading franchise on the powered access rental market, thanks to the commitment of its shareholders and its staff. This transaction marks the beginning of a new development phase for Nacanco. I am confident that our integration within the Loxam Group will enhance our capacity to consolidate and develop our market position.”

Vertikal Comment

Nacanco is an excellent vehicle for a move into the Italian market for a foreign business. The company is well organised, has excellent facilities, a first class rental fleet and a strong, capable management team. It looks like a good exit move for the Giusto family after having successfully steered the business through a very tough decade

Loxam has been busy this year in terms of major acquisitions, with the results catapulting it into a dominant position across the whole continent. It is not only the largest equipment rental business in Europe, but also boasts the widest geographical spread.

The company is now heavily weighted towards aerial lift and telehandler rental, particularly outside of France. What is not clear is its ongoing long term strategy. The company has a history of maintaining individual brands, rather than quickly bringing them under the Loxam umbrella. It also specialises in some markets, while playing the generalist card in others.

My guess is that its spending spree is not yet over, but must surely be reaching a conclusion, in terms of major purchases? As this years addition - including Lavendon, Hune and Cramo Denmark- are consolidated financially it will be interesting to see what plans it has to develop, or bring together the acquired operations.

Meanwhile Loxam has created a perfect acquisition target for major US based rental industry investors, interested in moving into Europe - including United Rentals. Is that the ultimate aim of this expansion, or a bye product? Only a few people know the real answer to that one.

Interesting times