30.04.2007

Euroloc takes Nacanco

Euroloc, the Spanish based general rental company has agreed to acquire Nacanco Spain in a deal that will also see it gain a 30 percent shareholding in Nacanco’s Italian company.

Euroloc has revenues in the region of €75 million and owns a fleet around 500 aerial lifts and a good number of telehandlers operating from 34 locations in Spain and Morocco.

The Nacanco group has revenues in the region of €38 million, around €28 million of which is generated from the Spanish business. It runs over 2,200 aerial lifts in Spain, from 10 locations, the fleet ranges from small scissors to truck mounts.

Nacanco Italy, while having a high level of common ownership is a separate business, which company has recently started to expand. The information that we have been given states that as part of the transaction Euroloc will obtain shares amounting to around 30 percent of the equity of the Italian company.

Nacanco was founded in Spain in 1982 by Italian born Gabriele Giusto, the Giusto family still owns a substantial majority of both the Spanish and Italian businesses, with the balance of the shares largely held by senior managers such as Pedro Torres.

Euroloc was acquired by Advent International the private equity company based in London and Boston, which holds 80 percent of the equity. Advent organised the buyout of Loxam in 1999 only exiting the business in 2003.