Palfinger has agreed the acquisition of Barcelona based distributor Equipdraulic as part of a strategy to strengthen Palfinger Iberica's position in the Spanish market, particularly in Catalonia.
Established in 1992, Equipdraulic has been distributing Palfinger products since 1999 and has been responsible for the sale, installation and servicing of all Palfinger products excluding the platforms. It employs 18 and had revenues of €5 million in 2020.
Palfinger will acquire 100 percent of the distributor’s equity from its parent company Novadraulic for €1.25 million in cash plus up to €676,000 contingent on the first 12 months trasnsition. The plan is to merge the business into Palfinger Iberica. Co-founder and owner Ramón Bassa Sebastián will remain with the business to actively support the integration process over the next two years. The plan is to expand the business and strengthen the existing team with additional employees. Equipdraulic’s premises are located in Granollers, on the north east side of Barcelona, where it has an 1,800 square metres of assembly and repair workshops.
Chief executive Andreas Klauser said: "This acquisition sends a clear message: Palfinger continues to grow, even in times of crisis. Catalonia is one of the largest industrial regions in Spain. With this integration, we are leveraging synergies and generating additional growth. Joining our long standing partner is an important step towards providing our Catalan customers with even more intensive and comprehensive support - in line with our brand promise: Creating value together."