Helsinki, Finland-based Cramo has signed an agreement to acquire 100 percent of the shares in Norwegian company Stavdal Utleiesenter AS. The company is based in Oslo with 25 employees, and 2010 revenues of about €7.3 million (about U.S. $10.5 million), with growth expected in 2011. The acquisition of Stavdal Utleiesenter, days after Cramo acquired Sweden’s Tidermans Hyrmaskiner AB and Tidermans Hyrmec AB rental companies, is in line with Cramo’s goals to increase activity and market share in Norway.
“Stavdal Utleiesenter is an interesting opportunity for us for several reasons,” said Finn Løkken, senior vice president of Cramo Norway. “The company has a solid portfolio of small and medium-sized customers. Moreover, the company is well-established in the Oslo region, which is highly important to us. Stavdal also has complementing expertise and capabilities related to our business.”
Stavdal Utleiesenter has additional branches in Rygge, Lillestrøm and Jessheim.
Cramo operates in 15 countries with about 400 branches.
