Alimak Group has entered into an agreement to acquire 100 percent of the shares in Tall Crane Equipment LTD, a Canadian hoist and crane rental services provider.
Tall Crane Equipment is a licensed elevator contractor, providing hoist and crane rentals, qualified licensed personnel, and repairs and maintenance on site and off site. Tall Crane Equipment LTD was founded in 1980 and has a wide range of expertise within its team. Tall Crane Equipment provides maintenance, 24/7 repairs, parts and services, project planning and set up, delivery, installation and dismantle of tower cranes and construction hoists. Tall Crane Equipment also provides training for hoist operators. The company, headquartered in Langley, British Columbia, Canada, has been an Alimak Construction Division customer for more than 30 years and will become part of Alimak Group’s Construction division.
The purchase price amounts to approximately SEK 215 million (about CAD $27 million) on a cash and debt-free basis. In addition to the fixed purchase price paid upon access, the seller may receive a condition-based additional purchase price (earn-out) of a maximum of approximately SEK 105 million (CAD $13 million) based on fulfilment of certain sales and profit performance goals.
Tall Crane Equipment´s revenue in the last yearly closing amounted to approximately SEK 130 million (about CAD $16 million) and will contribute positively to the Construction division’s EBITA-margin.
“I am pleased to welcome Tall Crane Equipment into Alimak Group,” said Ole Kristian Jødahl, CEO Alimak Group. “This acquisition reflects our strategic goal of being close to our customers in the markets they operate. We have known this company for many years, and the rental services business will provide a good foundation to expand our new and used product offerings. Including the addition of a wholly owned footprint in Canada, this acquisition creates opportunities to further expand both in construction and in permanent industrial equipment including our parts and services offerings.”
“We are excited about joining Alimak group,” said Tony Violette, partner and CEO of Tall Crane Ltd. “The new ownership gives us the opportunity to continue to develop our business and increase our industry network.”
Alimak Group is headquartered in Stockholm, Sweden.
Closing of the transaction is expected to take place during the third quarter 2022.