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Financials round-up Canadian rental company Cooper Equipment Rentals has acquired the Atlantic, Canada assets of US based Herc Rentals. The deal includes two full service branches in Dartmouth, Nova Scotia and Saint John, New Brunswick, the fleets based there, and the ongoing business, while Herc employees at the two locations will transfer to Coppers. French rental company Groupe Mediaco has acquired crane rental specialist S.E Levage, which is based in the in Rhône-Alpes region of eastern France. S.E Levage was established in 1993 and runs a fleet of 150 machines, including 45 cranes with capacities running from 30 to 1,200 tonnes from four branches in Frangy, Annecy, Chambéry and Lyon as well as a heavy lift division in Orléans. Revenues last year were €22 million with the company’s 115 employees all expected to stay with the business. S.E Levage founder and chief executive Eric Salvi will support the transition through until April, while his children Marion and Florian remain with the S.E Levage division of Groupe Mediaco.
Haulotte has reported nine month sales to the end of September of €325.1 million, 32 percent below last year. Third quarter revenues were only 23 percent lower at €102.4 million. Year to date new equipment sales fell 33 percent to $283.2 million, while parts and services declined 17 percent to $32.6 million, and rental dropped 43 percent to $9.3 million.
Maxim Crane Works has announced the results of its cash repurchase offer for up to $132.4 million of its Second Priority Senior Secured Notes maturing in 2024. A total of $184.7 million, or 33.9 percent of the outstanding notes, were tendered at a price of $1,027.50 per $1,000 of principal. In total $132.39 million worth of notes were tendered at or below that price.
US based Alta Equipment group is to acquire Howell Tractor and Equipment, a privately held dealer serving Northern Illinois and Northwest Indiana. Established in 1943, Howell Tractor operates from two locations and distributes Sennebogen material handling machines and Tadano Mantis telescopic crawler cranes. It also runs a rental fleet that includes a wider range of cranes and heavy equipment. The company had revenues of $33.1 million last year with an EBITDA of approximately $5 million.
Hiab and Kalmar owner Cargotec has reported its third quarter results. Hiab revenues for the first nine months were 19 percent higher at €799 million, while operating profits declined 35 percent to €72.3 million. Kalmar sales were 11 percent lower at €1.12 billion with its order intake down 28 percent. Operating profits plunged 63 percent to €42.4 million. Cargotec as a whole saw revenues decline 10 percent to €2.39 billion with a pre-tax profit of 29.9 million, 78 percent down on last year.
UK crane rental company Ainscough has filed its results for the 16 months to the end of September 2019 which show total revenues for the extended period of £123.1 million. On a simplistic 12 month basis this would have been £92.2 million, 13.5 percent down on the 12 months to end of May 2018. Pre-tax profits were roughly the same at £1.66 million - however this is for 16 months and not 12 - so in a pro-rata basis they declined 25 percent.
UK rental company HSS says that utilisation is back up to around 90 percent of last year’s levels, even with 145 branches closed. Half year revenues declined 22 percent to £125.8 million, while the pre-tax loss jumped from £7.37 million last year to £12.89 million this year.
Minneapolis based Hunter Street Partners, an ‘alternative investment management firm’, has set up an investment platform to acquire or invest in equipment rental companies, starting with the acquisition of All-Star Equipment Rental of Naples, Florida. All-Star offers telehandlers and aerial lifts in the southwest Florida region.
UK rental group Vp - owner of telehandler rental company UK Forks, spider lift specialist Higher Access, low level access company MEP and Brandon Hire - says it is now operating at around 85 percent of pre-Covid levels and that it has reduced its net debt by 26 percent from £41 million to £118.7 million. It also states that it has reopened 100 of the 120 depots that closed but will now permanently close 17 of the remaining locations and lay off around 150 employees.
Manitou has submitted a reorganisation plan to allow it to adjust its headcount in the face of substantially lower sales. A statement said: “After a long growth cycle, Manitou has been facing a downturn on its markets since mid-2019. The economic crisis resulting from the pandemic has amplified this downward trend. For the fiscal year 2020, the group anticipates a decrease in sales of around 30 percent compared to fiscal year 2019."
For the full reports on all these stories check out Vertikal.net 12 cranes & access October 2020
