Alimak acquires Canadian hoist and crane specialist
By Euan Youdale20 July 2022
Alimak Group is set to acquire 100% of the shares of Tall Crane Equipment, a Canadian hoist and crane rental services provider.
Established in 1980, Tall Crane Equipment is an 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 about SEK 215 million ($21 million) on a cash and debt-free basis. In addition to the fixed purchase price, the seller may receive a condition-based additional purchase price of up to SEK105 million ($10.3 million) based on fulfilment of certain performance goals for sales and profit. Tall Crane Equipment´s revenue in the last financial year was around SEK 130 million ($12.7 million).
Ole Kristian Jødahl, CEO of Alimak Group, said, “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.”
Tony Violette, partner and CEO of Tall Crane, added, “We are excited about joining Alimak group. The new ownership gives us the opportunity to continue to develop our business and increase our industry network.”
Closing of the transaction is expected to take place during the third quarter 2022.