AxLoad, top-ranking supplier of lifting and cargo securing products and services acquires the majority of the shares in Mennens Group from De Hoge Dennen Capital, a Dutch privately held investment company.Mennens is the leading provider of steel wire rope, cranes, lifting products and related services in the Benelux region with sales of 83 MEUR in 2011 and 420 employees. The combined revenue of AxLoad and Mennens will be approximately 350 MEUR.
Martin Malmvik, CEO of AxLoad said: “The acquisition of Mennens is an important step in our growth strategy moving our strong market leading footprint from Northern Europe into continental Europe.
Mennens will become a part of Certex Group, the largest of AxLoad’s three divisions. AxLoad will after the acquisition have 1.500 employees and presence in Holland, Belgium, Sweden, Norway, Denmark, Finland, Great Britain, France, Spain, Germany, Estonia, Latvia, Lithuania and Russia.
Peter Keith, Group Managing Director for Certex, said: “We are thrilled to invite Mennens into our organisation and to continue to develop the business together with Mennens’ management. The deep application and product know how, their strong service offerings and the history of Mennens as a wire rope specialist is a perfect match for our customers and us. Finally, we are very excited that the senior management will stay on holding the remaining minority part of the shares in Mennens.”
Maarten van der Velden, Managing Director of Mennens commented: ”For Mennens this is a perfect fit. AxLoad has the same management philosophy. They are part of a very strong solid Group, which strives to expand in our core business and they have no presence in the Benelux. Their extensive knowledge of the offshore and energy market will enable us to grow in this area. Last but not least being a member of an international group will give our employees exciting opportunities for personal development.
For more information, please contact:
Maarten van der Velden, Managing Director, Mennens Group (phone +31 (0)6 53318412)
Martin Malmvik, CEO, AxLoad (phone +46 (0)70 8385598)
Peter Keith, Group Managing Director, Certex, (phone +46 (0)70 6675019)