Access hire company strengthens its presence in Germany with acquisition
Access hire company Lavendon has announced plans to buy German firm Gardemann Group for a £30.9m.
Gardemann is Germany's third largest supplier of powered access rental equipment, with more than 1,700 powered access units, 23 depots and about 250 staff. The Gardemann Group generated revenue of €30.6m in the year ended 30 June 2006.
Lavendon said the combination of Zooom, its existing German operation, and Gardemann would strengthen the group's position in the non-construction sectors of the German market.
Acquisition is conditional upon the approval of shareholders, which will be sought at an extraordinary general meeting.
Commenting on the acquisition, Kevin Appleton, chief executive, said: "The acquisition of the Gardemann Group will transform our business in Germany and create a position of clear market leadership at a time when activity levels in the German market are improving for the first time since the market downturn.
"The strategic and commercial case for combining Zooom and Gardemann is compelling and we look forward to building a strong operating base for future growth.'