European Giant Loxam to Acquire Controlling Interest in Mills, Brazil’s Largest Rental Company

Loxam SAS and the controlling shareholders of Mills Locação, Serviços e Logística S.A. – the Nacht family, Southern Cross Group and Sullair Argentina – have entered today into a share purchase agreement for Loxam to acquire a 50.3-percent controlling stake in Mills, Brazil’s largest rental company.

Founded in 1952 by the Nacht family and listed on the Brazilian stock exchange since 2010, Mills has built a remarkable track record of consistent growth over more than seven decades with annual net revenues of R$1.8 billion (about $116.5 million) in 2025. The company operates a multi-product fleet of approximately 16,000 pieces of equipment across four main segments: powered access, being the largest mobile elevating work platform rental company in Latin America, heavy equipment, intralogistics, and formwork & shoring. The company has approximately 2,500 employees and serves a diversified client base through a network of 65 branches across the country.

Loxam has been present in Brazil since 2015 through its initial investment in Degraus, now known as Loxam do Brasil. Following the acquisitions of Motormac Rental and Loxam A Geradora in 2023, Loxam’s Brazilian operations generated R$590 million (about €100 million) of combined net revenue in 2025 across 40 branches, with a generalist range of equipment and a leading temporary power solutions offer through A Geradora. The combination of Mills and Loxam’s existing Brazilian activities makes Brazil one of Loxam’s largest operations outside France.

Together, Mills and Loxam will offer a full portfolio of rental equipment and services to a highly diversified client base spanning from construction to industry, events, agribusiness, mining, oil & gas, while preserving the identity and competitive strengths of each company.

“This transaction fulfills a wish of Mills’ founding family: to preserve the company’s legacy by bringing it closer to a global industry leader. In the Loxam Group, we found a strong alignment of values — business ethics, care for people, and long-term vision — that gives us confidence that Mills will continue to grow with the same identity that has brought it this far,” said Francisca Nacht, co-chair of the Mills Board and third generation of the founding family.

“Mills reaches this milestone with a talented and committed team, operational strength, and a consistent track record of results,” added Sergio Karia, Mills CEO. “Our intention is to further accelerate the company’s growth, now as part of a multinational organization 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.” 

Loxam’s strategy is to expand in Brazil

For Loxam, the acquisition represents a strategic move to expand its presence in Brazil, a market considered to have strong growth potential. The group also intends to encourage the sharing of the best practices developed by Mills and Loxam to other international operations.

“Loxam is excited about this impactful transaction and delighted to welcome Mills’ employees within the group,” said Gérard Déprez, chairman and CEO of Loxam Group. “Mills and Loxam have highly complementary activities and share common entrepreneurial and societal values. We particularly recognize the quality and drive of Mills’ management team, which has successfully led a deep transformation of the company in recent years. We look forward to joining forces, sharing experiences, and combining expertise to continue delivering excellence in service and creating even greater value for our customers, whether local SMEs or large international clients.” 

Completion of the acquisition is subject to customary anti-trust conditions, including approval from the Brazilian antitrust authority (Conselho Administrativo de Defesa Econômica – CADE).

Following completion of the acquisition, Loxam will launch a unified mandatory tender offer for the acquisition of all remaining outstanding shares of Mills, on the same terms and conditions as those agreed with the sellers, with the objective of delisting the company.

Loxam was advised by Euro Latina Finance as financial advisor, and by Spinelli Advogados and Demarest Advogados as legal advisors. KPMG performed the financial, tax and labor due diligence. Mills was advised by Lazard as financial advisor and by Trindade Sociedade de Advogados and Lefosse Advogados as legal advisors.