29.06.2017

TVH acquires Gardemann from Loxam

Belgian international parts, service and rental group TVH has acquired Lavendon’s German activities from the Loxam Group through the purchase of the entire share capital of Lavendon Holding (Deutschland) and Gardemann Arbeitsbühnen.

The acquisition boosts TVH’s position in the German market, bringing together the leading powered access rental companies of Gardemann and Mateco. The transaction allows Loxam to shift resources to other markets in Europe and the Middle East and to allow the development of its general rental activities in Germany which remain a core area of focus.

Last December TVH obtained unconditional approval of Germany’s Bundeskartellamt, competition authority should it acquire Gardemann. With TVH already owning Mateco it would provide the company with a dominant market share.

TVH chief executive Pascal Vanhalst said: “TVH is convinced that this combination will create a successful team with the clear focus on continuously delivering excellent and satisfactory customer services. We welcome all the experienced and motivated team members of Gardemann to participate in the creation of the largest branch network in Germany for the rental of aerial work platforms.”

Loxam president Gérard Déprez added: “I am convinced that TVH is a good home for the skilled and experienced management team and employees of Gardemann who have the opportunity to join forces with the German rental leader in aerial work platforms and hence benefit from the growth perspectives offered by TVH.”

Vertikal Comment

The fact that Loxam has reached out to TVH following its purchase of Lavendon is not entirely surprising, in fact when Loxam formally entered the bidding for Lavendon we predicted that something like this might happen, with either TVH taking Belgium and France and Loxam taking Gardemann if they both wanted to extend their coverage – or the opposite if both wanted to protect their current patches. See Loxam breaks cover – Vertikal Comment It was always clear that the UK and the Middle East were of prime importance to Loxam and would not be on the block.

And so it seems the two have decided on the more conservative approach, due almost certainly to the fact that neither would be too keen on a direct battle for market leadership in Germany, and possibly even more to the fact the Lavendon’s German operations are still struggling, so easier for TVH to tackle than Loxam – while the Gardemann business will raise more funds for Loxam to pay down some of the massive debt it has taken on to acquire Lavendon.