Pedro Torres on the Riwal-Boels deal
15 March 2024
Pedro Torres, CEO of Riwal, said the proposed sale of the business to Boels Rental would create a strengthened business with great opportunities for further growth.
Speaking to International Rental News at the IAPA awards and IPAF Summit in Copenhagen, just days after the deal was announced, Torres said; “We are companies with similar DNA, both Dutch, family-owned companies with long histories. I think Boels was founded in 1977 and Riwal in 1967. We have similar values, we both like operational excellence – that is the mindset of the owner of Riwal, Doron Livnat, and also of Pierre Boels.”
Riwal CEO Pedro Torres pictured in Copenhagen at the IPAF Summit. (Photo: IRN)
Torres said it was less than a week since the deal was signed and that it was too early to talk about decisions on branding and operational issues.
“The only thing that I can say is that both are very strong brands. For me, it’s a very positive transaction for all. All parts of Riwal fit really well for Boels. I think it’s a fantastic transaction for Riwal too. Doron Livnat is very please with the transaction, ensuring a great legacy to his employees, because Boels is a well respected European rental leader.
“There are a lot of similarities and at the same time we believe that they are very complementary from a geographical point of view. Boels is in 17 countries, Riwal in 14, and we overlap in just five countries, so it will become a group with 27 countries in Europe, the Middle East, and Asia.”
The new markets that Riwal brings to Boels are Spain, France, Denmark, Slovenia, Croatia, Kazakhstan, the UAE, Qatar and India. The deal will close following approval from the relevant competition authorities.
He said greater scale would help the business and that there were specific opportunities to grow in markets where only Riwal is operating; “We are in many countries where we can add many more products from the generalist part. We have the baseline as a specialist, and now have to adapt and to grow into other products in many other countries. This is a great opportunity.
“It’s a great feeling”, added Torres, “I have a passion for growth and Boels is a company that aims to double in size every five years. And in the last five years, they didn’t do it because they tripled in size. So it is very exciting.”
STAY CONNECTED
Receive the information you need when you need it through our world-leading magazines, newsletters and daily briefings.
CONNECT WITH THE TEAM
