Cramo boosts Norwegian presence with JM Byggholt deal

Cramo is taking over the rental division of JM Byggholt AS - one of Norway's top 10 contractors - and as part of the deal has signed a seven year rental supply agreement with the company. Cramo is acquiring all the assets of the division as well as its 12 staff.

JM Byggholt's rental business is located in Baerum outside Oslo and the contractor is particularly active in the Oslo area as well as in Stavanger, Bergen, Skien and Tönsberg. JM Byggholt's revenues in 2007 were €212.5 million, but Cramo did not disclose the price it has paid for the division or the revenues it expects from the rental agreement.

"Growing in partnership with important customers is in many ways the ideal way to expand", said Finn Lökken, Cramo AS managing director, "In this case it gives us immediate access to the competence and existing customer relationships of JM Byggholt's rental personnel as well maintained fleet of modern, efficient rental equipment. Furthermore it gives us a quick start in the scaffolding area, where JM Byggholt has large needs."

Thor Olaf Askjer, managing director of JM Byggholt, said "we expect to lower our cost for machinery and equipment and gain access and efficiency in the supply of equipment to support the continued growth of our core business".

Vesa Koivula, Cramo's CEO, said the deal was strategic for the company to secure a top two place in the Norwegian rental market, a goal it has set itself in all the countries in which it operates.