GAM invests in Yale dealer

GAM Alquiler has acquired a 51% stake in Grupo Dynamo Hispaman SL (GDH), one of the largest distributors of Yale forklifts in Spain.

The transaction was valued at €8 million and GAM has the option of buying the remaining 49% in the future.

From left: José Manuel Loeches (Financial Director, GDH), Antonio Trelles (Financial Director, GAM), Jesús Ortega (Commercial Director, GDH), Santiago Cortés (Technical Director, GDH). (Photo: GAM.)

GDH reported revenues of €11 million in 2021 and employs 72 people in nine locations, particularly in Valencia, Madrid and Burgos. It sells around half of all Yale trucks in the country.

The deal adds to the Hyster distributorship that GAM already holds for Spain, Portugal and Morocco.

Pedro Luis Fernández, President and CEO of GAM, said; “With this acquisition we strengthen our service capacity in Spain and continue with our growth strategy initiated last year with the purchase and participation of other companies, [in order] to be increasingly solid and diversified.

“We add to GAM a highly motivated and qualified team, as well as a very recognisable brand in the market.”

The current shareholders and managers of GDH, Jose Manuel Loeches, Jesús Ortega and Santiago Cortés, in a joint statement, said; “The majority entry of GAM in GDH is extraordinary news both for us and for Yale, and it will allow us to make investments to continue with our expansion. In addition, being part of the leading company for machinery solutions in Iberia is a source of pride.”

Christophe Maillet, Vice President of Dealer Network Development at Hyster and Yale, said; “we are very satisfied with the investment that GAM has made in Iberia, reinforcing the collaboration and joint effort to drive the growth of our brands ”.