30.07.2018

Ramirent exits Temporary Space

Finnish international rental company Ramirent has agreed the sale of its cabin/Temporary Space business to Procuritas Capital Investors for an enterprise value of €53 million.

The sale is part of Ramirent's strategy to focus on its core equipment rental business and is expected to complete later this year. See Rami to quit cabin rental business

Ramirent's Temporary Space has operations in Sweden, Norway, Finland and Denmark, with revenues in the region of €30 million and an operating profit of €3.5 million. The division operates in the construction, oil and gas sector, school, health and office space markets.

The transaction is expected to result in a one off expense of €30 million related to non current assets. Around 18 Ramirent employees based in Sweden, Norway, Finland and Denmark will transfer with the business.

Chief executive Tapio Kolunsarka said: "We believe that this transaction will unleash the Temporary Space business to achieve its full potential under the ownership of Procuritas Capital Investors VI, Procuritas has a proven track record when it comes to taking businesses to the next level through their active ownership approach. For Ramirent, the transaction enhances our opportunities to pursue our capital efficient profitable growth strategy in the core equipment rental business. We will, however, continue to manufacture and own construction site modules as part of our core rental offering."

Procuritas director Oskar Lindholm-Wu added: "We have followed the positive development in the Nordic market for temporary space solutions and believe that the underlying market fundamentals driving growth will continue going forward. We see a great opportunity to grow Temporary Space further under a focused ownership with an improved customer offering, building on the position the business has taken in the Nordic markets."