CRAMO has been 100% owned by BOELS RENTAL since January 2020.

At what enterprise value was CRAMO acquired in 2020?

During the acquisition of CRAMO by BOELS RENTAL in 2020, the transaction's Enterprise Value is estimated to be in the range of 1b - 4b EUR.

What was the EV/EBITDA of CRAMO when it was acquired by BOELS RENTAL?

The estimated EV/EBITDA multiple for CRAMO is in the range of 5x - 12x.

When was CRAMO acquired by BOELS RENTAL?

CRAMO was acquired by BOELS RENTAL in 2020.

What was the revenue of CRAMO at the time of the deal?

The revenue of CRAMO at the time of the deal is estimated to be in the range of 450M - 900M EUR.

What was the EBITDA of CRAMO during the acquisition?

CRAMO's EBITDA is estimated to be in the range of 100M - 200M EUR.

How is the data for the CRAMO acquisition sourced and is it reliable?

Mynth data is contributed by a professional community of M&A and Private Equity experts. Each transaction, including the CRAMO deal, is systematically cross-verified by our team using private deal documents and official sources. You can also find the official press release for this transaction here: https://www.marketscreener.com/quote/stock/CRAMO-OYJ-60856969/news/Boels-Verhuur-B-V-completed-the-acquisition-of-Cramo-Oyj-from-EQT-Fund-Management-S-a-r-l-Keskin-33981947/

What is the average EV/EBITDA multiple for the Business Services sector in 2026?

The average EV/EBITDA multiple for the Business Services sector in 2026 is 11.4x.

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Home Database Business ServicesCRAMO

01/2020

CRAMO acquired by BOELS RENTAL

FINLAND Industrial Services / Equipment Rental EV 1b - 4b EUR

Context

Boels launched a cash tender offer to acquire all shares of the listed Finnish group Cramo, as a strategic move to create a European leader with combined revenues of EUR1.3 billion and a network of over 750 depots. This deal consolidated the "Top 3" in Europe alongside Loxam and United Rentals (via their European branches).

CRAMO, which reported an EBITDA margin of in 2019, is valued in this transaction at an EV/EBITDA multiple of , a level than the average currently observed in the Business Services sector (11.4x).

-> Deep-dive in Business Services market trends

Target

One of European leading equipment rental services companies. Cramo specialized in construction machinery, tools, and modular space solutions (under the Cramo Adapteo brand, although separated shortly before the deal). It operated approx. 300 depots.

Ent. Value

Equity Value

Multiples

EV / Revenue

EV / EBITDA

EV / EBIT

Historical Financials (EUR)

Year

Rev

EBITDA

EBIT

2019

2018

Similar deals in Industrial Services

List of similar M&A transactions (Date, Acquirer, Target, Country, Sub-sector)
Date	Acquirer	Target	Country	Sector
04/2020	CINVEN / ASTORG	LGC GROUP	UNITED KINGDOM	TIC (Testing, Inspection, Certification)
02/2020	KILOUTOU	LOCAMODUL	FRANCE	Equipment Rental
12/2019	CLAYTON, DUBILIER & RICE (CD&R)	SOCOTEC	FRANCE	TIC (Testing, Inspection, Certification)
09/2019	ACCES INDUSTRIE	MATELEV	FRANCE	Equipment Rental
09/2019	EQUISTONE	ACCES INDUSTRIE	FRANCE	Equipment Rental
08/2019	JACOBS	JOHN WOOD NUCLEAR	UNITED KINGDOM	Engineering & Consulting
08/2019	EQUISTONE / SAGARD	VULCAIN INGENIERIE	FRANCE	Engineering & Consulting
07/2019	BLACKSTONE	CRH EUROPE DISTRIBUTION	NETHERLANDS	Industrial & Technical Distribution
06/2019	LOXAM	RAMIRENT	FINLAND	Equipment Rental
06/2019	GROUPE BERTO	GROUPE TDS (TRANSPORTS DEPLACEMENTS SERVICES)	FRANCE	Equipment Rental

REFERENCES

Valuation range: EV 1b - 4b EUR

Revenue range: 450M - 900M EUR

EBITDA range: 100M - 200M EUR

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of CRAMO by BOELS RENTAL are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.