Cramo A/S, the Danish wholly owned subsidiary of Cramo Plc, last week acquired Skanska Denmark’s rental organization, including all personnel, existing machine fleet and rental contracts. Cramo estimates the acquisition will provide annual rental volume of at least Danish Kroner 100 million (about U.S. $19.5 million).
The acquisition is a result of Helsinki, Finland-based Cramo’s ambition to grow in the Nordic rental market. At the same time, Skanska announced its intention to divest its construction business in Denmark.
“This agreement is very valuable to both parties since it will strengthen our relationship on a group level,” said Goran Carlson, Cramo’s deputy CEO. “The pan-Nordic agreement can add substantial volumes annually for Cramo already in the short term. The acquisition in Denmark will accelerate Cramo’s efforts to continue to take an active part in the consolidation of a fairly fragmented market.” With Skanska’s three branches, Cramo now has 16 facilities in Denmark.
The rental fleet includes a wide range of more than 3,000 units, including site huts. It acquired Skanska’s modular space operation in 2004, making Cramo the leading rental operator in modular space and site huts.
Cramo, one of the rental industry’s leading service providers in the Nordic countries, Central and Eastern Europe, now has more than 250 outlets in 10 countries, with 2006 consolidated sales of €402 million (about U.S. $584 million).