Finland-based international rental giant Ramirent has decided to exit the Hungarian market and has agreed to sell its operations in Hungary to the Danube SCA Sicar, a private equity fund. Under the agreement, Ramirent is selling its entire Hungarian operation with forecasted net sales for 2013 of €7 million (about U.S. $9.3 million), employing 83 people at 13 locations.
The sale price was not disclosed and will be paid partly as an earn-out based on financial performance of the company in 2013 and 2014. Completion of the transaction is expected during the third quarter.
“This divestment is in line with Ramirent’s aim to strengthen its strategic focus on higher growth opportunities in Ramirent’s core markets in the Baltic Sea region,” said Magnus Rosen, Ramirent CEO and president.
Ramirent has been in Hungary since 2003, when it began a greenfield startup in the country. It became the leading rental player in the Hungarian market with the acquisitions of Gepbazis in 2003 and Agentrade-Plusz in 2005.
Ramirent, based in Vantaa, near Helsinki, Finland, now has 325 branches in 11 countries in Nordic countries, Central and Eastern Europe.
