Axel Johnson International acquires Norwegian lifting systems provider W. Giertsen Services AS.
Axel Johnson International is acquiring W. Giertsen Services AS, a leading full-service manufacturer and supplier of lifting equipment and solutions based in Bergen, Norway. The move strengthens Axel Johnson International’s Lifting Solutions business group’s service offering within the professional maritime, offshore, subsea and onshore industries. The transaction is scheduled to close August 1.
W. Giertsen Services will become part of Certex Norge AS, a company within the Lifting Solutions business group (previously AxLoad). The move will create opportunities for existing and potential customers of both companies as well as deliver cost synergies within purchasing, overheads and operations.
Lifting Solutions business group is a global player specialising in lifting equipment and services to customers in ports, offshore, renewable energy as well as in manufacturing and construction environments. It operates as a group of companies which offers wire rope, rigging equipment, slings, overhead cranes and other lifting products as well as related service. The group today has 25 companies in 15 countries across Europe, with an annual sale of 290 MEUR.
The acquisition is in line with Axel Johnson International’s long-term strategy of building strong business groups in fragmented niche markets across Europe. “The Norwegian market is not consolidated and has many small players,” says Hans Glemstedt, Head of Group Strategy and M&A, Axel Johnson International. “Business is local and the Norwegian landscape means players are distributed along the coast from south to north.”
Buying W. Giertsen positions Certex Norway for a resurgence of the Norwegian market. “We have experienced several tough years, but we are confident of the long-term potential,” says Harald Hope, Managing Director, Certex Norway. “We think this move will position us well for the recovery.
“In an industry where consolidation is necessary, we see Certex and Axel Johnson International Group as a perfect new owner to further develop W. Giertsen Services. Our innovative cast iron sheaves will get greater market access through the international network of Certex. At the same time, our lifting business will continue in our base in Nygårdsviken, Bergen with a wider assortment and more extensive customer portfolio” says Frank Mohn, CEO W. Giertsen AS.
An acquisition agreement was signed with W. Giertsen AS on June 29, 2017. The transaction is expected to be closed on Aug 1, 2017, subject to agreed closing conditions being fulfilled.
For more information, please contact:
Hans Glemstedt, Head of Group Strategy and M&A, Axel Johnson International, + 46 708 44 59 48, email@example.com
Ralf Wiberg, Managing Director, Axel Johnson International - Lifting Solutions, Mobile phone +358 40 766 9916, E-mail firstname.lastname@example.org
Harald Hope, Managing Director, Certex Norge, +47 909 51 864, email@example.com
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