High-reach equipment rental firm Lavendon Group PLC is acquiring Germany’s third-largest supplier of powered access rental equipment The Gardemann Group for about 46 million euros (about U.S. $59 million). The transaction will include about € 32.5 million in cash and an 8.2-percent stake in the enlarged company.

Lavendon officials said current trading for the company is in line with expectations, and that its German operations have reversed a first-half revenue decline and is on pace to achieve full-year revenue targets.

The company said Gardeman generated € 30.6 million (around U.S. $39 million) in revenues for the year ended June 30, with € 10.3 million EBITDA and operating profit of € 5.2 million, with a fleet of more than 1,700 powered units, 23 branches and about 250 employees.

Lavendon is based in Lutterworth, Leicestershire, England.

The company added that it will save about € 3.5 million every year as a result of rationalizing the branch networks of the two companies after a one-time cost of around the same amount.