The enterprise value of the acquisition of competitor Rapp Marine Group, which is expected to close during the first quarter of 2018, is about $19 million, according to MacGregor.
Helsinki-based Cargotec subsidiary MacGregor has signed an agreement to acquire Norway’s Rapp Marine Group, a competing supplier of marine vessel deck equipment, MacGregor confirmed Dec. 21.
The enterprise value of the acquisition is about $19 million, according to MacGregor.
“MacGregor’s existing portfolio includes already various deck handling equipment, such as cranes and booms, but with RMG, MacGregor is able to offer complete solutions with advanced winches and related control systems,” MacGregor explained in a statement announcing the acquisition.
“The agreement will benefit the niche customer base, which will be now offered a wider portfolio of safe and efficient equipment from one provider to their specific vessels,” RMG CEO Terje Arnesen said.
RMG currently employs about 120 people with main locations in Norway, Seattle, Wash. and the United Kingdom. Its 2017 sales are estimated at $47 million USD, of which about 30 percent of which, it says, is related to service.
The transaction is expected to close during the first quarter of 2018, according to MacGregor.
Bjørn Hesthamar, managing partner in Nord Kapitalforvaltning, the company selling RMG after five years of ownership, said that over those five years, Rapp Marine has developed to become a global leader in providing winches and related equipment for customers.
“Many of these projects have been developed and delivered in close cooperation with (MacGregor sister company) Triplex, and as such I am convinced that the positive development in RMG will continue under MacGregor’s new ownership,” he said.
“With MacGregor’s Triplex deck handling portfolio, we already today have a very strong position in the fishery and research segment, and with this investment as part of our growth strategy we are able to further strengthen our position,” MacGregor Vice President of Advance Offshore Solutions Høye Høyesen said.
Cargotec subsidiary MacGregor to acquire Rapp Marine
