Cramo AS has agreed to acquire two Norwegian equipment rental companies, Lambertsson and Kranpunkten. The combined annual sales of the acquired operations are 130 million NOK (about U.S. $23 million). All employees from the acquired companies are being offered permanent employment at Cramo, the company said.
Cramo has agreed to acquire all the assets of both companies, including the rental fleet, existing customer contacts and the rental contract for the business premises in Lillestrøm, near Oslo, Norway.
Lambertsson is Norway’s fifth-largest equipment rental business and has primarily focused on site huts, tools and equipment for temporary electrical installations. Kranpunkten is a leading company in access equipment rental. Both companies count Peab as a major customer but also rent extensively to other construction firms.
“Both businesses fit perfectly in Cramo’s strategy for continued growth in Norway,” said Bent Nygren, managing director of Cramo AS. “Cramo operates in the same industry so we are already familiar with both the range of products and services and most of their customers. Both Lambertsson and Kranpunkten have a large capacity and expertise in the areas of site huts, tools, lifts and temporary installations which will contribute to strengthening further Cramo’s offering.”
Parallel to the acquisition Cramo and Peab, the current owner of Lambertsson, signed a long-term Norwegian and Nordic cooperation agreement.
