Pinguely-Haulotte has signalled an assault on the fleet market with the acquisition of the access equipment rental arm of Fraikin, the biggest truck renter in France.
While the terms and conditions of the deal have been decided, pending governmental approvals, the sale price has not been revealed. Pinguely-Haulotte, the third-largest manufacturer of booms and scissor lifts in the world, said the transaction should close before the end of the year.
Fraikin subsidiary LEV, the main component being traded in the sale, owns nearly 1,500 machines and has a workforce of 180. It has created one of the first access rental networks in France, with almost 30 agencies spread across the country.
LEV generated EUR22.3 million (USD25.6 million) in revenue last year, in spite of unbalanced market conditions and an economic slowdown.
"The combination of a well-known and performing rental company in France and one of the top three world manufacturers of this market will allow the resulting entity to enlarge its product and service ranges," Pinguely-Haulotte said.
With the retention of LEV's existing management, the purchase gives Pinguely-Haulotte better access to end users and lets Fraikin focus on its multi-services rental of industrial and utility vehicles.
With a fleet of 30,000 vehicles, Fraikin is the truck rental leader in France. It is also present in the UK, Benelux and Spain.