New owner for EQIN
Stork, the diversified services operation of Fluor, is to sell its Benelux rental business EQIN to private equity firm VE Partners.
Subject to regulatory approvals, the deal is part of Fluor’s plan to exit the construction rental businesses which includes South Carolina based Ameco – originally American Equipment Co – which provides crane, telehandlers, aerial lifts and other equipment and services to the mining, energy and infrastructure sectors with four locations in the USA, three in Canada, one in Jamaica, three in Chile, one in Columbia, one in Peru, and five in Mozambique.
EQUIN serves a similar customer base, with estimated revenues of around €85 million and runs a fleet mostly made up of lighting, lasers and generating equipment. It also offers aerial work platforms, mostly boom and scissor lifts, but also a few small truck mounts. It operates from 10 locations in the Netherlands and three in Belgium.
VE Partners has a diversified portfolio ranging from pet food to retail shop fitting and glass production, but also runs a couple of offshore contractors – SPT Offshore and N-Sea.
Stork president Taco de Haan, said: "The intended sale is a positive step for both Stork and EQIN. It will allow both companies to focus on their core businesses while continuing to collaborate and work together to serve our mutual clients, and at the same time, providing Stork with greater operational efficiency going forward.”
Fluor acquired Stork in 2016, no details of the transaction have been released.