Cramo Sverige AB, the wholly owned subsidiary of Helsinki, Finland-based Cramo, one of Europe’s largest rental companies, acquired all shares of Tidermans Hyrmaskiner AB and Tidermans Hyrmec AB. The two acquired companies had about €14.2 million (about U.S. $20.1 million) in revenue in 2010.
Tidermans is one of the largest regional rental operators in western Sweden with four branches in Gothenburg, Sweden’s second largest city, and an additional branch in nearby Falkenberg. The company’s history dates back to 1890, although its history in equipment and tool rental doesn’t date back that far. In 60 years as a rental company, Tidermans, which rents tools, construction and aerial equipment, has gained a strong market position in western Sweden.
“This acquisition is an important part of our strategy to be a leading player in all metropolitan areas of our home markets,” said Vesa Koivula, Cramo Group CE).
“Tidermans is a good complement to Cramo, geographically as well as customer and competence-wise,” added Erik Bengtsson, managing director of Cramo Sweden. “Our business models and cultures are also similar and we know each other well. However, we have complementing strengths which we can use jointly for the benefit of all our customers.”
The previous owners of Tidermans will stay on in management positions with Cramo. “After many years as a strong and independent regional player we see that it will improve our future expansion to be part of a larger group,” said Johan Ehk, one of the previous owners. “Since we complement each other geographically and have similar ways of looking at customer service, Cramo is an ideal owner.”