Boels to buy Riwal
11 March 2024
Photo: Boels Rental
Boels Rental is to buy Netherlands-based aerial platform renter Riwal, adding annual revenues of around €314 million and 65 branches across 14 countries in Europe, the Middle East and South Asia.
Riwal is being sold by its majority owner ProDelta Investments, the Netherlands-based investment business owned by Doron Livnat. No financial details of the transaction have been revealed.
The deal establishes Boels in a number of new markets, including Spain, France the Middle East and India.
The combined fleet of 55,000 aerial platforms - 35,000 from Boels plus the 20,000 Riwal machines - compares to the 71,250 unit aerial fleet of European rival Loxam. In revenue terms, the combined business would have generated $1784 million in 2023.
Boels will now hold the second largest aerials fleet in Europe and the sixth largest in the world. The total fleet value of the respective companies is in the region of €3.6 billion.
Riwal was founded in 1968 as a subsidiary of crane rental firm Richards & Wallington. Since 1986 it has operated as a separate entity and has specialised in the rental of aerial work platforms.
Pierre Boels, left, with Doron Livnat, of ProDelta, the majority owner of Riwal. (Photo: Boels)
The company is among the top 50 rental businesses in the world and, alongside its branches across Europe, also operates in Qatar, UAE, India and Kazakhstan.
Boels said the acquisition is part of its growth strategy to become the “largest and best rental partner in Europe,” and positions it for “success and further growth into the future.”
Boels’ added that the deal is aligned with its larger sustainability goals, with more than 60% of Riwal’s fleet electrified.
Pierre Boels, CEO of Boels Rental, said, “With a combined fleet of more than 55,000 aerial work platforms, complemented by specialist knowledge and expertise, we can offer unrivalled service and service that allows our customers to always get on with their project. Regardless of their challenge.”
Pedro Torres, CEO, Riwal, added, “Boels and Riwal are a perfect strategic fit when you look at things like company culture, geographical presence and growth opportunities. The acquisition is a testament to the strength and quality of the work we do here at Riwal and Manlift.”
Boels said that in connection with the financing of the acquisition, it had entered into a €200 million, one-year corporate bridge facility, which it will refinance with long-term debt in due course.
The owner of Riwal was ProDelta Investments, which is a subsidiary of ProDelta Holdings. ProDelta holdings also owns crane rental company Hovago.
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