Heavy Equipment
Boels Rental Inks Deal to Acquire Riwal
The two Dutch companies have a combined fleet value of €3.6bn.
Boels Rental, one of Europe’s largest tool hire firms, has signed a deal to acquire aerial work platforms hire specialist Riwal as it seeks to grow its market share.
The deal, sealed on Monday and subject to the approval from relevant competition authorities, will add about €314 million in annual revenues and expand its reach to 65 branches across 14 countries in Europe, the Middle East and South Asia.
The two Dutch companies have a combined fleet of 55,000 aerial platforms – 35,000 from Boels plus the 20,000 Riwal machines – and 830 branches in 27 countries with a combined fleet value of €3.6 billion.
This closes the gap with their European rival, Loxam, which has 71,250 units.
Riwal is being sold by its majority owner, ProDelta Investments, a Netherlands-based investment firm, in a deal whose financial details remain undisclosed.
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Commenting on the deal, Boels said the acquisition aligns with its growth strategy to become the “largest and best rental partner in Europe,” positioning the company for success and continued growth in the future.
“With a combined fleet of more than 55,000 aerial work platforms, complemented by specialist knowledge and expertise, we can offer unrivalled service and service that allows our customers to always get on with their project, said Pierre Boels, CEO of Boels Rental.
“With over 60 percent of the Riwal fleet already electrified, the acquisition aligns with Boels’ commitment to sustainability,” he added.
On his part, Pedro Torres, CEO, Riwal, described the two firms as a “perfect strategic fit when you look at things like company culture, geographical presence and growth opportunities”.
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In terms of financing the acquisition, Boels revealed a €200 million one-year corporate bridge facility, which it plans to refinance with long-term debt later.
Following the acquisition, Boels will now hold the second-largest aerials fleet in Europe and the sixth largest in the world.
Founded in 1977 by Pierre Boels in the Netherlands, the company has grown into one of Europe’s largest rental companies through strategic acquisitions and a focus on innovation and expansion.
On the other hand, Riwal, founded in 1968 as a subsidiary of crane rental firm Richards & Wallington, has operated independently since 1986, specializing in the rental of aerial work platforms.
It ranks among the top 50 rental businesses globally and operates branches across Europe, as well as in Qatar, UAE, India, and Kazakhstan.
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