Norwegian distributor Hybeko has acquired the Genie distributor for Finland, Rostek-Tekniikka in an all share deal from majority owner and founder Riisto Liiri and his wife Monica, who both retired a couple of years back, and chief executive Jarmo Koskinen.
Rostek-Tekniikka has been the Genie distributor for Finland for 26 years, while Hybeko has distributed Genie products in Norway for more than three decades. In 2019, Hybeko also acquired the Genie dealer for Sweden, Liftexperten Sverige - see: Hybeko moves into Sweden.
Based between Espoo and Vantaa, on the north side of Helsinki, Rostek-Tekniikka is also the dealer for Latchways fall protection equipment and has nine employees. while it can also call a further independent technicians across the country. The company had revenues in 2016 of more than €26 million, but by last year it had shrunk to just €3.5 million with a €150,000 loss. The difference due to the earlier loss of a large Ramirent outsourcing contract. See: Ramirent outsources lift maintenance. No details of the transaction have been disclosed.
Hybeko also distributes Leguan lifts in Norway and Sweden and is the Dinolift dealer for Norway. The company said: “This acquisition will strengthen the group as a whole and lead to positive synergies in many areas. We have great faith that together we will be able to build Rostek-Tekniikka into a successful and profitable store. This is obviously not done overnight. We need a few years to lift the company where we want to go."