International rental group Mateco has acquired Panamanian rental company Pan Rental from owners Meifus Holding and Latam Rental in an all share purchase.
Panrental has revenues of around $5 million with a fleet of about 300 units, mostly aerial work platforms, including Genie and Haulotte booms and scissor lifts, Teupen spider lifts and Manitou telehandlers, as well as portable generator units. It employs 20 at its base in Panama City and a satellite operation in Chiriqui, near David close to the border with Costa Rica.
The Meifus group also owns Elevaciones Rama and is a partner of Latam Rental both of which are located in Northern Spain, and operates rental companies in Angola, Bolivia, Brazil, Costa Rica, and the Dominican Republic.
Mateco runs a global fleet of 30,000 machines with more than 2,800 employees over more than 100 locations across 15 countries in Europe, Mexico, Panama and Chile.
Meifus chief executive Isaac Álvarez and Latam chief executive Juan Carlos Peláez said: “After long years of hard work to grow the rental business in Panama, we are very proud of the work done and being able to pass the it to a company with the vision of the future such as Mateco. Our employees and customers will be proud to be part of a larger more international group. ”
Mateco Panama's operations director Laurent Planche added: "It will be a pleasure to add the Pan Rental business to the one we already have in the country. We are looking forward to welcoming the Pan Rental people to the Panama Mateco team.”