Advised on Sale of CompanyIndustrials
Acquired Majority Control of Business Operations
Vara Maskinimport, a Swedish machine importer, has acquired Ottosson Truck, the exclusive reseller of Hyunday forklifts in Sweden. The acquisition creates a great partnership since both companies have many common customers within telescopic handlers and forklift trucks.
Vara Maskinimport AB has acquired the majority stake in Ottosson Truck AB. This means that the agency for Hyundai forklifts and Merlo telescopic handlers in Sweden are now in the same group. The transaction means that Ottosson and Vara Machine Import can together advance to increase the Hyundai Forklift's Swedish market share.
Ottosson Truck AB is a well-established family company that has a strong growth history since its formation in 1969. The company is a Swedish general agent for Hyundai forklifts, and offers both thehe sale and rental of Hyundai forklifts. The head office is located in Norje, north of Sölvesborg and represents the sale and rental of trucks from Norje, Helsingborg and Norrköping. Repair shops and service buses are based across 20 locations around the south of Sweden. Ottosson Truck has a revenue of 60 million SEK and has 35 employees.
"Our strategy has always been growth. So far, it has been through acquisitions of other companies in the industry. This time, it is Ottoson Truck that is being acquired, which means that we enter the same group as AB Hüllert Maskin, who sells Merlos telescopic handlers, says Anette Saleskog. "I see Hüllert and Ottossons as two companies with many similarities and with the same kind of customer-focused corporate cultures. I am pleased that together we can continue an offensive strategy that benefits both companies," says Anette.
The newly established group approaches a stable platform. Both Ottosson Truck and Hüllert Machine are strong representatives of their respective brands. Merlo is the market leader in Sweden and Hyundai's forklifts show stable growth. Also, both companies have close relation with the development team of Merlo and Hyundai. That shows how professional both companies are, and how highly appreciated they are by the two machine manufacturers.
The acquisition of the majority stake in Ottosson Truck means that a successive and offensive strategy will be initiated accordingly. Nils-Gunnar Burge, the owner of Hüllert Machine, describes the strategy for the future as follows:
"Our company group is approaching a shift in generations. My children Lina Burge and Jakob Burge have been involved in the company for several years, and will eventually take over the operation in the group. The fact that we are advancing the group through the acquisition of Ottosson Truck should be seen as a sign of our willingness to strengthen and develop the operations for both Merlo and Hyundai in the Swedish machine market.
"As we are expanding, Hüllert's success with Merlo for more than 20 years remains. It creates great potential for continued growth and synergies for both Ottossons and Hüllert. It follows that, both companies will be able to deliver stronger offers to their customers," says Nils-Gunnar.
Hüllert Maskin is a Swedish general agent for Merlo telescopic handler since 1995. The company has approximately 30 employees and headquarters with repair shop, warehouse, exhibition hall, and practice field in Vara in Västergötland. Hüllert and Merlo represent about 30 sales offices and service centers around Sweden. Hüllert Maskin had a turnover of almost 190 million SEK during the last fiscal year.
Also, the Hyundai's management is looking forward to cooperate with Ottosson Truck's new owners. Hyundai's sales manager for forklifts in Europe, Peter Neujens, commented on the deal and expressed his ambition for increased market shares for Hyundai's trucks in Sweden: "We look forward to an enhanced cooperation with both Ottosson and the new owners."
Maurizio Ganio-Mego, Merlo's sales manager, has the same positive opinion about the partnership of the two Swedish companies, that it will benefit Merlo in Sweden.
IMAP Sweden was the seller's advisor throughout the process.