TVH Group, a Belgian supplier of forklifts and industrial equipment has acquired Mateco, a German aerial equipment rental company. TVH bought the company from Berlin-based private equity firm Odewald & Compagnie, which acquired Mateco in 2007 and oversaw the opening of 13 new branch locations in the past five years in Germany, Poland and Luxembourg.
The acquisition, which remains subject to approval from relevant competition authorities, is believed to be in the range of €150 million to €200 million (between U.S. $196 million and $261 million). This year Mateco expects revenue of about €90 million (about U.S. $118 million).
Mateco, based in Stuttgart, Germany, was founded in 1973 and has about 4,800 aerial work platforms in its fleet, according to European online news reports.
TVH said with the acquisition of Mateco it would double the number of units in its rental fleet.