LOXAM takes majority stake in MILLS

Loxam signed an agreement on 25 May 2026 to acquire a 50.3% controlling stake in Mills Locação, Serviços e Logística, the Brazilian equipment rental company, from its majority shareholders, the founding Nacht family, Southern Cross Group and Sullair Argentina. The transaction valued the company at an enterprise value of . The remaining shares were held by public investors and in treasury, and Loxam intended to launch a tender offer for all of them on the same terms once the first stage completed. At the time of the deal, Mills employed around 2,500 people, operated a fleet of about 16,000 pieces of equipment and ran 65 branches across Brazil. Loxam had been present in the country since 2015, when it first invested in Degraus, and had acquired Motormac Rental and A Geradora in 2023, building a network of 40 branches. The two businesses together would cover the full range of rental equipment and services for customers in construction, industry, events, agribusiness, mining and oil and gas, and the deal was expected to make Brazil one of Loxam’s main markets outside France. Completion remained subject to clearance from the Brazilian competition authority, CADE. Euro Latina Finance advised Loxam, with Spinelli Advogados and Demarest Advogados as legal counsel and KPMG on financial, tax and labour due diligence, while Mills was advised by Lazard, with Trindade Sociedade de Advogados and Lefosse Advogados as legal counsel.

The acquisition of Mills is part of the growth strategy of Loxam, which already has several external growth operations under its belt, notably Toscana Noleggi in 2025.