24 March 2022
Kiloutou moves into the Danish equipment rental market with acquisition of leading player GSV
The Kiloutou Group is pleased to announce that it has signed an agreement with the Catacap fund to acquire GSV, Denmark’s leading equipment rental company, alongside management and employees who will be able to invest in the Kiloutou Group. Accompanied since 2018 by HLD and Dentressangle, Kiloutou will now reach a new milestone in its international development by taking positions in the resilient and dynamic Danish market.
Established in 1964, GSV is today the uncontested leader in equipment rental in Denmark, with a 22% market share and the widest product range in the sector (22,000 pieces of equipment). Its 485 employees operate a network of 19 branches located throughout the country, serving small to large national customers in the construction & civil engineering industries and the public sector. It reported revenue of around €130 million in 2021.
With combined revenue of around €950 million, this acquisition enables Kiloutou to consolidate its no. 3 position in the European equipment rental market. By welcoming GSV to Kiloutou, the new consolidated group will be more diversified in terms of customer base and business mix, with 30% of our revenue generated outside France. Kiloutou will rely on the experience and expertise of GSV’s teams to continue developing the business in Denmark and beyond, through organic growth, new depot openings and broadening the equipment fleet. The current management team fully supports the transaction and will continue its role in the new organization, while Dan O. Vorsholt, CEO of GSV, will take an executive position on the Kiloutou Group’s executive committee.
For Olivier Colleau, Executive President of the Kiloutou Group, “GSV and Kiloutou share many of the same values, organized around the development of their people, a high level of customer satisfaction and an equipment range compatible with the ecological transition. I am very much looking forward to working closely with the talented and experienced management team and employees of GSV, and I welcome them to the Kiloutou Group.”
Dan O. Vorsholt, CEO of GSV, said: “I am delighted and proud to announce the acquisition of our company by Kiloutou. We share mutual expertise and a common ambition to continuously improve the services we provide to our customers. We have embarked on a journey to help construction in Denmark become more sustainable, and with Kiloutou’s financial strength GSV will accelerate its investment in environmentally sustainable equipment. I am glad to continue serving GSV within a larger group.”
Held by HLD and Dentressangle since 2018, Kiloutou has enjoyed rapid development thanks to robust organic growth and a dynamic acquisitions policy. This acquisition, the seventh since the start of 2021, is part of this strategy and a continuation of the Group’s international expansion over these last few years. Kiloutou is today present in Poland, Spain, Italy and Germany – and now in Denmark.
The operation is financed by Crédit Agricole CIB, Natixis, Société Générale and BNP Paribas.
Completion of the transaction is subject to legal approvals.
Sycomore Corporate Finance advised the Kiloutou Group on the financing of the acquisition of GSV. The advising team comprised Mofdi Gassoumi, Stanley Auvray and Etienne Baudoin.