05.05.2007

GAM launches offer for Vilatel

GAM (General de Alquiler de Maquinaria) the publicly quoted general rental company has made a formal offer to acquire 100 percent to the share capital of Vilatel, Spain’s leading access rental specialist with over 4,100 platforms.

The offer is for an undisclosed amount of cash and a new issue of 2,264,121 shares in GAM. Which will give the owners of Vilatel a 7.4 percent holding, making them the third largest shareholding behind two financial institutions.

With GAM shares currently trading near their all time high of €23.50 the offer values Vilatel at over €53 million plus what ever the cash settlement is.

The offer which is an exclusive deal is open for 10 weeks.


Vilatel was founded in 1991 in a suburb of Tarragona and has steadily expanded to the point where today it operates from 15 locations, in central, eastern and southern Spain.

GAM has been expanding its aerial lift fleet rapidly, ordering 600 Haulotte and 1,200 JLG lifts last year. When all are delivered the combined GAM-Vilatel fleet will total around 8,000 units making it the second largest aerial lift fleet in Europe behind Lavendon, just ahead of Loxam.

GAM reported revenues of €186 million for 2006 and over €56 million for the first quarter of 2007, 46 percent up on the first quarter of 2006.

Most of the growth has been organic with 17 new branches opened in 2006 and 11 new locations already opened in 2007 bringing its total to 68 outlets throughout Spain and Portugal. The Vilatel acquisition, along with its strong pace of organic growth will take GAM’s revenues well over €300 million placing them among the top league of European rental companies, in the company of Loxam, Lavendon, Hewden, Rami and Cramo.

José María Marsal managing director and owner of Vilatel is expected to remain with the merged business, becoming the largest management shareholder.

No decision has been taken on the Vilatel brand name, but GAM is following a strategy of specialist divisions so could either operate Vilatel as a division or merge it into a GAM aerial access division.