Alimak Group entered into an agreement to acquire 100% of the shares in Tall Crane Equipment LTD – a Canadian hoist and crane rental services provider.
Tall Crane Equipment is a licensed elevator contractor, providing hoist and crane rentals, qualified licensed personnel, and repairs and maintenance on site and off site, The company, headquartered in Langley, British Columbia, Canada, has been an Alimak Construction Division customer for over 30 years and will become part of Alimak Group’s Construction division.
The purchase price amounts to approximately MSEK 215 (MCAD 27) on a cash and debt-free basis. In addition to the fixed purchase price paid upon access, the seller may receive a condition-based additional purchase price (earn-out) of a maximum of approximately MSEK 105 (MCAD 13) based on the fulfillment of certain performance goals regarding sales and profit.
Tall Crane Equipment’s revenue in the last year’s closing amounted to approximately MSEK 130 (MCAD 16) and will contribute positively to the Construction division’s EBITA margin.
“I am pleased to welcome Tall Crane Equipment into Alimak Group. This acquisition reflects our strategic goal of being close to our customers in the markets they operate. We have known this company for many years, and the rental services business will provide a good foundation to expand our new and used product offerings. Including the addition of a wholly owned footprint in Canada, this acquisition creates opportunities to further expand both in Construction and in Permanent Industrial equipment including our parts and services offerings”, says Ole Kristian Jødahl, CEO of Alimak Group.
“We are excited about joining the Alimak group. The new ownership gives us the opportunity to continue to develop our business and increase our industry network” says Tony Violette, partner, and CEO of Tall Crane Ltd.
Tall Crane Equipment LTD was founded in 1980 and has a wealth of expertise within its team. In addition to the above-mentioned, Tall Crane Equipment provides maintenance 24/7 repairs, parts and services, project planning and set up, delivery, installation, and dismantling of tower cranes and construction hoists. Tall Crane Equipment also provides training for Hoist Operators.
The closing of the transaction is expected to take place during the third quarter of 2022.
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