26.05.2026

Loxam to acquire Mills

Loxam is to acquire a majority stake in Brazil's leading aerial lift rental company, Mills Locação, Serviços e Logística.

It is purchasing 50.3 percent of the equity from the current majority shareholders- the Nacht family, Southern Cross Group and Sullair Argentina. Mills is a publicly quoted company with revenues last year of R$1.8 billion (€ 308 million).Its fleet of around 16,000 units, includes aerial work platforms, heavy equipment, formwork and shoring with around 2,500 employees across 65 branches.

Under the agreement Loxam has committed to pay R$16 (€2.74) per share, representing a 22 percent premium over the closing price on Friday, May 22nd, valuing the company at roughly R$3.77 billion (€650 million). The deal includes an adjustment clause based on the closing rate 31 days forward, with the full price paid in cash at closing.
Loxam has also agreed to issue a public tender offer for all remaining shares at the same price paid to the controlling shareholders. 47.3 percent of the shares are publicly traded, with the balance held in treasury.

The closing of the transaction is also subject to the usual conditions, including the receipt of approval from the Administrative Council for Economic Defence – CADE.

Established in 1967, Loxam is the largest equipment rental company in Europe, with revenues of €2.5 billion last year, with 11,600 employees based across 1,130 locations in 28
countries on four continents.

It began operations in Brazil in April 2015 when it acquired rental company Degraus adding Motormac Rental along with A Geradora in 2023 The company currently operates as Loxam do Brasil and A Geradora, running a general rental fleet across 40 locations with revenues last year of R$590 million (€101 million).

Loxam chief executive Gérard Déprez said: “We are excited about this transformational transaction and pleased to welcome Mills’ employees to the group. Mills and Loxam have highly complementary activities and share common entrepreneurial and social values. We especially recognise the quality and determination of Mills’ management team, which has successfully led a profound transformation of the company in recent years. We look forward to joining forces, sharing experiences and combining expertise to continue delivering service excellence and generating even more value for our customers, whether they are local small and medium sized businesses or large international clients.”

Mills chairman Francisca Nacht, a third generation member of the founding family, said: “This transaction fulfils a wish of the founding family of Mills: to preserve the company's legacy by bringing it closer to a global leader in the sector. In the Loxam group, we found a strong alignment of values — business ethics, care for people and a long term vision — which gives us confidence that Mills will continue to grow with the same identity that has brought it this far.”

Chief executive Sergio Kariya added: “Mills reaches this milestone with a talented and committed team, operational solidity, and a consistent track record of results. Our intention is to further accelerate the company's growth, now as part of a multinational organisation and the fifth largest equipment rental group in the world. We are confident that this new chapter will bring even greater growth opportunities for the company, our customers, and the people who make Mills what it is every day.”

Vertikal Comment

This is an interesting and surprising move from Loxam, but it does make sense and is transformational for both. The resulting merged business will kick off with revenues in the region of R$2.4 billion (€410 million) with around 100 locations and by far the largest aerial lift rental fleet in South America.

It will also cement Loxam's position as Europe's largest rental company and edge it a little closer to United Rentals and Ashtead as one of the largest rental companies worldwide, and certainly the most international.

As to the price, is it too high? Hard to say, the peak price per share of R$15.50 was reached in January but typically shares have been trading at between R$12.5 and R$13.50 in recent years.