Cramo acquires equipment rental company Vuokra-Pekat Oy in Finland
Cramo is strengthening its position in the Helsinki Metropolitan Area in Finland by acquiring the entire share capital of the privately-owned Vuokra-Pekat Oy construction equipment rental company.
Vuokra-Pekat Oy was founded in 2004, and it has a strong local presence as a general equipment rental company in southern Finland. The company's specific area of expertise is rental-related dust control, in which area it is also the market leader in Finland. The dust control service is an excellent complement to Cramo's range of rental-related services throughout the country.
Vuokra-Pekat offers rental equipment for both new construction and renovation projects in southern Finland. Its product range contains an extensive selection of general fleet and fleet for the framework stage of buildings, in particular. The company also specialises in construction work site management and occupational safety. The acquisition will strengthen Cramo's market position in equipment rental as well as in the provision of rental-related services.
"The acquisition enables us to strengthen our nationwide position as the market leader in construction work site management. Vuokra-Pekat has also developed an excellent service package for dust control, which is a very good fit for our service selection. In southern Finland, Vuokra-Pekat complements our range of rental fleet," says Tatu Hauhio, Managing Director of Cramo Finland and Executive Vice President, Eastern Europe.
Last year, the sales of Vuokra-Pekat was approximately EUR 4.8 million, profitability was good and the company had 20 employees. Approximately 60 per cent of the sales comes from traditional equipment rental, and about 40 per cent consists of dust control products and services. Vuokra-Pekat has two depots in the Helsinki Metropolitan Area, one in Helsinki and one in Espoo.
For the time being, Vuokra-Pekat will continue operating as a separate company. Reijo Pirhonen will continue as the Managing Director of the company.
"To grow organically in the current market situation would have required us to diversify our rental fleet and make additional investments. All owners were unanimous about selling the company to Cramo, a Finnish listed company. Cramo provides Vuokra-Pekat not only with a skilled organisation but also a versatile fleet. I trust that by combining the resources of our companies we will achieve significant growth in the future, even though the economic situation in construction industry is challenging in Finland," says Reijo Pirhonen, Managing Director of Vuokra-Pekat Oy.
Vuokra-Pekat is the only player in the market to offer a modular dust removal solution for construction sites. In addition to site vacuuming, the solution includes lighting, electrification and occupational safety. Cramo believes that the revised laws and regulations governing dust control will increase the demand for services in construction work site management in the future.
The parties are not disclosing the acquisition price.
CRAMO PLC
Vesa Koivula President and CEO
Further information:
Tatu Hauhio, Managing Director, Cramo Finland Oy, tel: +358 (0)40 570 1344, e-mail: tatu.hauhio@cramo.com
Martti Ala-Härkönen, CFO, Cramo Plc, tel: +358 (0)40 737 6633, e-mail: martti.ala-harkonen@cramo.com
Distribution:
NASDAQ OMX Helsinki Ltd. Major media www.cramo.com
Cramo Plc is Europe's second largest rental services company specialising in construction machinery and equipment rental and rental-related services as well as the rental of modular space.Cramo is one of the leading service providers in the Nordic countries and Central and Eastern Europe. Cramo operates in fifteen countries with 360 depots. With a group staff around 2.500, Cramo's consolidated sales in 2013 was EUR 660 million. Cramo shares are listed on the NASDAQ OMX Helsinki Ltd. www.cramo.com
Cramo Finland is a total rental solutions provider. In addition to machinery and equipment, we rent modular space and offer services that support construction, renovation and maintenance. In Finland we operate nationally employing over 400 employees at approximately 60 depots. Our customer base consists of companies and players in construction and other industry, trade and the public sector. In addition, we provide services to private customers. Cramo Finland Oy is part of Cramo Group. The Group's parent company Cramo Plc is listed on NASDAQ OMX Helsinki. www.cramo.fi
© 2015 GlobeNewswire
