- Acquisition reinforces Tractel's vertical access product range and Nordic presence
- Third acquisition in two years after the acquisitions of SPG (USA) and Knot (Turkey)
- Tractel to launch refinancing following strong performance and successful acquisition strategy
Tractel ('the Group'), the global specialist provider of working-at-heights and safety products and solutions, announces that it has agreed to acquire Scanclimber Oy ('Scanclimber'), the Finnish-headquartered leading provider of mast climbing work platforms ('MCWP'), for an undisclosed consideration.
Scanclimber supplies rack and pinion vertical access products to more than 250 clients, in Europe, North America and Asia. It has 225 employees, operates a well-invested production facility in Poland, and sells its products through a network of distributors and sales agents globally. Industry forecasts expect MCWP products to be used increasingly as an alternative to traditional scaffolding as construction methods increasingly take into account workers' health and safety. Scanclimber is well-positioned to benefit from this trend given its high quality products and industry-leading customer satisfaction.
The acquisition represents an excellent strategic fit for Tractel, a global leader for vertical access solutions based on hoist powered suspended platforms, by adding to its product offering a wide range of rack and pinion ascending platforms. It will also strengthen Tractel's Nordic presence by adding to its existing distribution base a strong set of Nordic customers and local management team.
Since acquiring Tractel in October 2015, international private equity firm Cinven has supported an ambitious acquisition strategy with the purchase of Safety Products Group ('SPG'), Knot and now Scanclimber. SPG and Knot which have broadened Tractel's safety products offering, as well as reinforced the Group in the United States.
Scanclimber is a perfect fit with the strategic 3-years plan, Tractel Good to Great (TG²), currently being executed by Tractel's new CEO, Philippe Gastineau. TG²is focused on reinforcing Tractel's customer centricity and becoming undisputed world leader Safety specialist, provider of reliable, innovative and cost-effective working-at-heights and safety solutions to its customers worldwide. As a result of Tractel's strong financial performance and the Group's successful buy and build strategy executed under Cinven's ownership, the Group will undertake a full refinancing of the business in conjunction with the Scanclimber acquisition, which will be led by BNP Paribas, HSBC and Crédit Agricole CIB.
Philippe Gastineau, CEO of Tractel, commented:
"Scanclimber represents a strategic and synergistic move for Tractel. The transaction offers the opportunity for Tractel to grow in the attractive mast climbing work platforms and the rack and pinion hoists segments. It will also strongly increase the Group's presence in the Nordics. We are looking forward to working with Eerik Nousiainen and the rest of the Scanclimber management to integrate the company within Tractel and build on each other's strengths. This transaction was originated and executed thanks to Cinven's active support, and we are convinced there remains significant development opportunities for Tractel in the future."