Reaching greater heights together
SITTARD, Netherlands, March 11, 2024 /PRNewswire/ -- Boels Rental, a leading player in the rental industry, proudly announces the prospective acquisition of Riwal, a renowned company with a rich history and expertise in Aerial Work Platforms (AWP). The completion of the acquisition is subject to certain customary conditions to be fulfilled including, among others, approvals by the relevant competition authorities. This strategic move aligns with Boels Rental's ambitious growth strategy to become the number one rental partner of choice in Europe, solidifying presence in existing markets, expanding into new territories, and enlarging AWP fleet.
Strategic fit and market expansion
Boels and Riwal, both hold strong market positions in their respective markets. In European regions where presence overlaps, Boels and Riwal will leverage combined experience and resources. But the prospective acquisition also opens doors to new markets, like Spain and France. Where Boels can rely on a dense European network, Riwal has a global footprint with branches in amongst others India and Qatar. After integration Boels will be positioned for significant growth and profitability due to the increased geographical footprint and strong foundation of general rental, complemented with specialist rental divisions.
Extending AWP fleet and expertise
Riwal's expertise in AWPs adds a new dimension to Boels' product and service lineup. With over 60% of Riwal fleet already electrified, the acquisition aligns with Boels' commitment to sustainability. "With a combined fleet of over 55.000 AWPs and additional expertise and services, we are confident in meeting the highest customer standards. Enabling us to deliver unparalleled customer service to keep our customers going", says Pierre Boels, CEO Boels.
A great fit in heritage and DNA
Riwal and Boels correspond very well in heritage and DNA. Boels, since 1977, and Riwal, since 1968, have a long and renowned history in the equipment rental industry. With a joint entrepreneurial and family-owned business spirit, both companies achieved strong growth over the years. The common denominator is focus on top-quality equipment and excellent customer service in a safe and sustainable way. The acquisition will also bring together two companies that share the same beliefs and ways-of-working, providing employees with exciting opportunities for collaboration and personal growth, making Boels an even greater place to work. "The strategic fit between Boels and Riwal is impeccable from a cultural, geographical and growth opportunity perspective. The acquisition is a testament to the strength and quality of our work at Riwal and Manlift." Says Pedro Torres, CEO Riwal.
A platform for growth
The prospective acquisition positions Boels for increased scale and financial strength, crucial for navigating market challenges and economic volatility. Riwal adds around EUR 310m turnover, from 65 branches by nearly 1200 expert employees, to the group. This creates a very strong foundation and dense network in 27 countries with nearly 830 branches. With a combined fleet value of EUR 3,6 Bn. and comprehensive expert workforce, Boels is poised for sustainable growth.
Reaching greater heights together
The prospective addition of Riwal not only strengthens Boels' market position and AWP portfolio, it also fortifies its commitment to customer satisfaction, innovation and sustainability. The increased network of branches enables fast transportation to any worksite to keep customers going while user-friendly online platforms ensure quick and easy ordering and handling. Combined with a wealth of knowledge and experience of AWPs that Riwal employees bring to the table, Boels is ready to embrace new challenges and soar to even greater heights.
About Boels Rental:
Boels Rental is one of Europe's leading rental companies. With its vastly diversified range of 860,000 rental items and specializations, Boels always offers a suitable rental solution for every customer. With the latest and most innovative machines and excellent service, Boels exceeds the expectations of every customer. They do so from a dense international network of more than 764 branches in 18 countries. Boels employs around 7,300 people and generated €1.55 bn. revenue in 2023. With its young fleet, wide range of zero-emission machines and short transport distances, Boels helps its customers build more sustainably and successfully.
In connection with the financing of the acquisition, the company has entered into a €200 million corporate bridge facility with a one-year maturity, which it plans to refinance with long-term indebtedness in due course.
About Riwal:
Riwal is specialized in safe and efficient working at height since 1968. Over the past decades the company has grown into an AWP specialist for multiple industries. Riwal operates in 14 different countries, has 65 branches with nearly 1,200 employees and has a rental fleet of approx. 20,000 machines. Besides renting, maintaining, and selling AWP, telehandlers and forklifts, Riwal also sells first-class spare parts and provides technical services for machines and has its own training centers.
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