Ramirent Plc has signed an agreement to acquire Stavdal AB, a general equipment rental company operating in 11 cities in Sweden and in the Oslo area in Norway for about 158 million (about U.S. $178.6 million). In 2018, Stavdal had €79 million in revenue and an adjusted EBITDA of about €28 million. The company currently employs about 280 people who will join Ramirent when the transaction closes. Stavdal offers a modern fleet and its rental offering includes heavy and light machinery, aerial equipment, modules, scaffolding, fall protection equipment, power equipment, heaters and hoists.

With the acquisition, Ramirent strengthens its position in the attractive Swedish rental market, particularly in the growing metropolitan areas of Stockholm and Gothenburg. Ramirent has divested €80 million in the past year and this investment is in line with Ramirent’s strategy of capital-efficient profitable growth in Ramirent’s core rental business.

“Stavdal has an impressive track record of performance and customer intimacy and we are privileged to be able to combine forces to form the market-leading player in Sweden,” said Tapio Kolunsarka, president and CEO of Ramirent plc. “The complementary strengths of our companies are indisputable. We are excited to leverage Stavdal’s competence and strong position, especially in lifts as well as in Gothenburg and Stockholm regions, to make Ramirent an even stronger company for its customers.”

“Becoming a part of Ramirent means great opportunities for all parties,” added Mikael Olsson, CEO of Stavdal AB. “The companies complement each other’s strengths and create new opportunities for both customers and employees. Together we will have more resources, endless competencies and a fantastic range of services connected to our machines, as well as new digital services. The companies share similar values and strongly believe in sustainable rental, which makes this a perfect match.”

Ramirent has 294 rental centers in Northern and Eastern Europe.