The Kiloutou Group is pleased to announce it has signed two acquisition agreements to further expand its European footprint. Kiloutou Group, owned by shareholders HLD and Dentressangle signed an agreement to acquire Grupo Vendap, the market leader in equipment rental in Portugal, marking the Kiloutou Group’s entry into a new European market as well as Holbæk Lift, a regional player in Denmark, demonstrating the Group’s willingness and ability to grow throughout Europe.
KILOUTOU ENTERS THE PORTUGUESE EQUIPMENT RENTAL MARKET BY ACQUIRING THE LEADING PLAYER GRUPO VENDAP
The Kiloutou Group has signed an agreement to acquire Grupo Vendap, the leading equipment rental company in Portugal from various investment funds and local investors, alongside the senior management team who will be reinvesting. After the acquisition of GSV in Denmark in March 2022, this transaction will allow the Kiloutou Group to establish a strong position in a new country in Europe.
With 40 years of operations, Grupo Vendap is the leading player in equipment rental in Portugal with an estimated 18% market share and the largest product offering, including electric generators, work platforms, modular space units and portable toilets. Its 340 employees operate a network of 8 branches throughout Portugal, serving small to large national customers in the civil engineering, construction, and public sectors.
Kiloutou Group expects to benefit from the strong experience and expertise of Grupo Vendap’s teams to continue developing the business in Portugal, through internal growth, new branch openings, an enlarged fleet offering and selective acquisitions. The current management team is fully supportive of the transaction and will continue their roles in the new organization. Francisco Ferreira Do Amaral, CEO of Grupo Vendap, will report directly to the Executive Committee of the Kiloutou Group.
IN DENMARK, THE KILOUTOU GROUP STRENGTHENS ITS POSITION
In order to further diversify its product offering and strengthen its network, the Kiloutou Group’s Danish subsidiary, GSV, has acquired Holbæk Lift, a regional player located in Northwest Zealand’s largest city. Thanks to the long-term relationship between the two companies and a recent and well invested fleet of 2,600 modular space units, access platforms and light equipment, the Kiloutou Group expects this acquisition to provide operational synergies. The acquisition also demonstrates the ability of GSV, the leading Danish equipment rental player, to pursue an active bolt-on acquisitions program following its acquisition by the Kiloutou Group in March 2022.
For Dan O. Vorsholt, CEO of GSV, said: “I am delighted and proud to announce the acquisition of Holbæk Lift by our company. Kiloutou has given GSV the financial means to pursue and accelerate its development in the very competitive Danish market. The 20 employees of Holbæk Lift will contribute to expand our network in a region where GSV wants to reinforce its presence”.
2022, A MILESTONE YEAR FOR THE KILOUTOU GROUP’S DEVELOPMENT IN EUROPE
With expected additional revenues of more than €45 million, these two acquisitions will reinforce the Kiloutou Group’s market position in Europe and contribute to its accelerated diversification in terms of customer base and business mix, with approximately 33% of its revenue expected to be generated outside of France. We further estimate that the acquisitions made in 2022 should enable the Kiloutou Group proforma “last twelve months” revenues to exceed €1 billion as of 30th June 2022.
Held by HLD and Dentressangle since 2018, Kiloutou has enjoyed rapid development thanks to robust organic growth and a dynamic acquisitions policy. These two acquisitions – the eighth and ninth since the start of 2021 – are part of this strategy and a continuation of the Kiloutou Group’s international expansion outside France over the last few years. The Kiloutou Group is today present in France, Poland, Spain, Italy, Germany, Denmark – and, following the acquisition of Grupo Vendap, Portugal.
In 2021, Grupo Vendap achieved a turnover of €40 million and employed 340 people in its 8 branches in Portugal, while Holbæk Lift reached €6 million of revenue and employed 20 people in one branch.
The acquisition of Holbæk closed end-August whilst Grupo Vendap’s acquisition is expected to close before the end of September, both funded with existing resources.
The acquisition of Grupo Vendap is subject to customary legal approvals.
This announcement contains certain forward-looking statements with respect to certain of our current expectations and projections about future events. These statements reflect management’s beliefs and expectations and involve a number of risks, uncertainties and assumptions that could cause actual outcomes to differ materially from any expected future outcomes expressed or implied by the forward-looking statement. The information contained in this announcement is subject to change without notice and, except as required by applicable law, we do not assume any responsibility or obligation to update publicly or review any of the forward looking statements contained in it. Readers should not place undue reliance on forward-looking statements, which speak only as at the date of this announcement.