EQIN merges with competitor
12 June 2023
Dutch industrial equipment rental company EQIN is to merge with its competitor Indu-Tools Group after its owner Value Enhancement Partners (VEP) completed the acquisition of the Rotterdam-based company. Financial details have not been disclosed.
Indu-Tools Group has annual revenues of €30 million and rents aggregates, compressors, welding machines and power tools to companies in the petrochemical, industrial and maritime sectors.
It has nine branches in Western Europe, including the Netherlands, Belgium and France and employs approximately 120 staff. The merger, which VEP says will help grow EQIN in the industrial rental sector, will enable the companies to invest in sustainability, electrification, innovation and digitisation.
According to VEP, it will also support the companies financially in the purchase of smaller rental firms within the French and German markets.
The companies will continue to operate under their own names and will be recognised as part of the EQIN | Indu-Tools Group.
Erwin Claus, CEO, EQIN, said, “We are preparing for the future. Joining forces allows us to offer greater access to our shared network in Western Europe, a move which is fully in line with the strategy and growth ambitions we have already initiated.”
Sander Matthijssen, CEO, Indu-Tools, said, “This greater geographical distribution combined with our complementary rental fleets, ensure we can increase the range of services we offer. We will continue to provide our characteristic flexibility, expertise and quality at a local level.”
EQIN itself was acquired by VEP in 2020 and has since outlined a streamlined strategy for growth. Speaking to IRN earlier this year, Erwin Claus said the company was looking to expand into the wider European market and is seeking opportunities to acquire other rental companies..