Loxam, Europe’s largest rental company, has signed an agreement to acquire Italian powered access equipment rental company Nacanco SpA. Nacanco, founded in 2001, is a leader of the Italian market for aerial work platform rental. The company operates a network of 14 branches located in the northern and central regions of Italy. In 2016, Nacanco generated €27 million in revenue (about U.S. $31.8 million).

The acquisition enables Loxam to enter the Italian rental market, consolidating its presence in Western Europe and strengthening its position in the powered access market.

The Giusto family, the founding shareholders of Naranco, will remain a 20-percent shareholder in the company and will continue to support the future development of Nacanco, along with Loxam.

“We are delighted by the forthcoming acquisition of Nacanco, which completes our footprint in Western Europe,” said Gérard Déprez, Loxam president. “Nacanco is well-established player that has contributed to the development of the Italian equipment rental market, thanks to an ambitious growth strategy. We look forward to working with its management team and employees.”

“Since its foundation 16 years ago, Nacanco has built a leading franchise on the powered access rental market, thanks to the commitment of its shareholders and its staff,” said Marzia Giusto, general manager of Nacanco. “This transaction marks the beginning of a new development phase for Nacanco. I am confident that our integration within the Loxam Group will enhance our capacity to consolidate and develop our market position.”

The completion of the transaction, which is subject to the satisfaction of certain conditions, is expected to occur before the end of the year.

Loxam posted unaudited pro forma consolidated revenue of €1,330 million in 2016. It has more than 720 branches in 12 European countries – France, Germany, the United Kingdon, Ireland, Belgium, Switzerland, Spain, Portugal, Luxemburg, the Netherlands, Denmark and Norway – as well as in the Middle East, Morocco and Brazil.

Loxam's recent acquisitions include U.K.-based aerial rental giant Lavendon; Spain's Hune Group; and Cramo's Denmark equipment rental operations.