01.04.2008

Cramo buys Kranab

Cramo Sverige, the Swedish division of the Finnish rental company has acquired all of the shares in Kranab the Stockholm based aerial lift rental company

Wholly-owned subsidiary of Cramo Plc, has acquired the entire share capital of Kranab, the aerial rental company based in the Stockholm area founded by Johnny Johansson.

Kranab operates from a single location in Upplands Väsby near Stockholm and runs a fleet of around 650 units with a staff of fifteen. It had revenues of €7.2 million in the fiscal year ending April 30th 2007.

Kranab's operations will be integrated under the Cramo brand, making the company Sweden's largest access equipment specialist with an aerial lift fleet of over 9.500 units.

Kranab's management has committed to remain with the business for at least the next three years. All other staff are expected to remain in their current positions.

Magnus Rosén senior vice president of Cramo operations in Scandinavia said: "The acquisition of Kranab is strategic for Cramo Sweden to secure its position as the leading access equipment rental company in the Stockholm region, as well as to maintain a high service level towards our customers in the area."

"Stockholm is the key area in the booming Swedish construction market and many rental companies face a shortage of equipment. Kranab's rental fleet fits perfectly with our existing operations," he added.

Vertikal Comment

Cramo is acquiring a well established business with Kranab which has built up a very effective operation in the Stockholm area since Johansson established the company in 1988.

Kranab has lead the market with many product innovations, it was for example the first company in Europe to appreciate the potential of the 12ft mast type self propelled lift and put its money behind it when it ordered a quantity of UpRight TM12 in the mid 1990’s effectively creating the string Scandinavian market for this type of product.

Cramo is clearly on a roll at present and looking set to make strong progress in 2008.