European private equity firm Triton has splashed EUR480m ($506m) to buy cargo handling specialist MacGregor from Cargotec.
In the process, Cargotec, which has also hived off Kalmar as a separate company, has announced plans to rebrand as Hiab, with news also that president and CEO, Casimir Lindholm, will step down from the Finnish firm. Scott Phillips, the current president of Hiab, will take over as president and CEO of the rebranded company once all these changes have taken place, estimated to be by April 1 next year.
“The agreement to sell MacGregor represents the last major milestone in our project to unlock shareholder value by separating Cargotec’s businesses into standalone companies. The two-year project has progressed according to our plan and is now in its final stages. The proceeds from the Transaction will boost Hiab’s ambitious growth plans through innovation and M&A. MacGregor will become a strategic asset for its new owner who will develop and put full focus on the business, which will enable further growth and profitability improvement,” said Cargotec’s outgoing CEO Lindholm.
“MacGregor stands out due to its engineering capabilities; broad and sustainable product offering; high-quality equipment; and strong reputation,” said Ilkka Tuominen, an investment advisory professional at Triton.
