In a significant move of consolidation in the European equipment rental industry, Boels Rental, the second largest general rental company in Europe, has agreed to acquire international aerial rental specialist Riwal. Boels Rental, headquartered in Sittard, Netherlands, has branches in 18 European countries, with 2022 rental volume of €1.47 billion according to International Rental News, will grow dramatically in the aerial rental segment with the addition of Riwal, which has branches in 16 countries, and 2022 rental volume of €314 million.
The completion of the acquisition is subject to customary conditions and approvals by the relevant competition authorities.
The acquisition aligns with Boels Rental’s ambitious growth strategy to become the number one rental partner of choice in Europe, the company said, solidifying its presence in existing markets, expanding into new territories, and enlarging its aerial fleet.
Boels and Riwal both hold strong market positions in their respective markets. In European regions where their presence overlaps, Boels and Riwal said they will leverage combined experience and resources. The prospective acquisition also opens doors to new markets, such as Spain and France. Where Boels can rely on a dense European network, Riwal has a global footprint with branches in countries such as India, Kazakhstan, and Qatar. After integration Boels will be positioned for significant growth and profitability because of this increased geographical footprint and strong foundation of general rental, complemented with specialist rental divisions in aerial and material handling.
Riwal’s international headquarters is in Dordrecht, Netherlands.
More than 60 percent of Riwal’s fleet is electrified, which aligns with Boels’ commitment to sustainability. “With a combined fleet of over 55,000 AWPs and additional expertise and services, we are confident in meeting the highest customer standards, enabling us to deliver unparalleled customer service to keep our customers going,” said Pierre Boels, CEO of Boels.
Riwal and Boels correspond very well in heritage and DNA, the companies said in a statement. Boels, since 1977, and Riwal, since 1968, have a long and renowned history in the equipment rental industry. With a joint entrepreneurial and family-owned business spirit, both companies achieved strong growth over the years. The common denominator is a focus on top-quality equipment and excellent customer service in a safe and sustainable way.
“The acquisition will also bring together two companies that share the same beliefs and ways of working, providing employees with exciting opportunities for collaboration and personal growth, making Boels an even greater place to work,” said Boels in a statement.
“The strategic fit between Boels and Riwal is impeccable from a cultural, geographical and growth opportunity perspective. The acquisition is a testament to the strength and quality of our work at Riwal and Manlift,” said Pedro Torres, CEO of Riwal.
A platform for growth
The prospective acquisition positions Boels for increased scale and financial strength, crucial for navigating market challenges and economic volatility. Riwal adds around €310 million turnover, from 65 branches by nearly 1,200 expert employees, to the group. This creates a very strong foundation and dense network in 27 countries with nearly 830 branches. With a combined fleet value of €3.6 billion, and a comprehensive expert workforce, Boels is poised for sustainable growth.
The prospective addition of Riwal not only strengthens Boels’ market position and AWP portfolio, it also fortifies its commitment to customer satisfaction, innovation and sustainability. The increased network of branches enables fast transportation to any worksite to keep customers going while user-friendly online platforms ensure quick ordering and handling. Combined with the wealth of knowledge and experience of AWPs that Riwal employees bring to the table, Boels is ready to embrace new challenges, the company said.
